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Business Law Principles and Practices

Business

Quiz 10 :

Legality

Quiz 10 :

Legality

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A business person paid his influential state senator $25,000 to influence other legislators to pass a bill favorable to his business. This payment would not be illegal if the bill related to prescription drugs.
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True False
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Answer:

False

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An agreement not to compete is legal if time and territory restrictions are reasonable.
Free
True False
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True

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Gaming is an activity that has been legalized and therefore allows participants to make a profit without being subject to criminal penalties.
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True False
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True

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To say that an illegal contract is void means that by law, the contract never existed.
True False
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A contract of adhesion places one party in a superior position because of its unfavorable clauses.
True False
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An agreement is illegal and void if it violates
Multiple Choice
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Any agreement that limits competition by controlling or fixing prices is illegal.
True False
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If the purpose of a licensing statute is to raise money, an agreement with an unlicensed person is
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If an agreement contains an illegal part that can be separated, the entire agreement is void.
True False
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An agreement to create a monopoly is illegal and violates antitrust laws.
True False
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An unconscionable agreement is one that is grossly unfair.
True False
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Exculpatory clauses relieve a party in advance for liability for the tort of negligence.
True False
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A public garage's disclaimer of liability for a car lost or stolen because of the garage owner's negligence is likely to be unenforceable.
True False
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A state's gaming statute is most likely to be violated by
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Martinson used his van to deliver illegal drugs to users throughout a particular city. Because the van was old, he decided to trade it in for a new van. The contract that Martinson makes with the car agency to purchase a new van is
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Usury laws protect borrowers from paying excessively high interest rates.
True False
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If a person unknowingly deals with an unlicensed individual, the courts will usually allow the person to recover any money paid to the unlicensed individual.
True False
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If both parties to an illegal agreement are in pari delicto, neither party can successfully sue the other to seek enforcement of the agreement.
True False
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Anderson agreed to pay Dawes for acting as a real estate agent. Dawes was not properly licensed. This agreement was
Multiple Choice
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While illegal contracts have civil penalties, the parties involved may also be subject to criminal penalties.
True False
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