The Legal Environment of Business: Practice Quiz 2 (2014 Fall D Term 6)

The Legal Environment of Business: A Managerial Approach: Theory to PracticeMelvin, 2nd ed.Practice Quiz 2 (2014 Fall D Term 6)1.A contract in which one party may disaffirm or enforce the contract is: a voidable contract.an unenforceable contract.a void contract.a valid contract.2.An enforceable contract has four necessary elements: mutual assent, capacity to contract, consideration, and legal purpose. TrueFalse3.Most advertisements in the mass media are not offers because they:require that the consumer accept the offer in a specific manner.are specific enough to constitute a unilateral contract. do not contain a specific commitment to sell.contain a specific commitment to sell.4.Duress must be based on a physical threat and not an economic one.True False5.Which of the following is not classified as an equitable remedy? damagesreformationinjunctive reliefspecific performance6.A party to a contract may be discharged from performance due to operation of law if the other party unilaterally alters the contract. TrueFalse7.Which of the following would not be considered tangible?the pen or pencil you are usinga car the right of ownershipoxygen8.Acme Rocket Company is shipping 500 toy rockets by boat to Rockets R Us. Acme is located in Miami, and Rockets R Us is located in Boston. If goods are shipped FOB Miami:Acme bears the risk of loss until the goods are accepted by Rockets R Us.Rockets R Us bears the risk of loss once the shipment arrives in Boston.Acme bears the risk of loss if the boat sinks on its way to Boston. Rockets R Us bears the risk of loss if the boat sinks on its way to Boston.9.Which of the following is not one of the steps in a three-step test for attempted monopolization under the Sherman Act?The entity had a demonstrable and specific intent to achieve a monopoly. The entity formed an agreement with others to achieve a monopoly.The entity acted in an anticompetitive manner designed to injure its competitors.There must exist a dangerous probability that monopoly power would in fact be achieved.10.In American Needle Inc. v. National Football League, the 32 football teams were treated as a single entity because they belong to the same sports league.True False