Chap011 - Chapter 011 Legal Purpose of Contracts Chapter...

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Chapter 011 : Legal Purpose of Contracts Chapter 011 : Legal Purpose of Contracts Student: ___________________________________________________________________________ 1. If the parties to a contract are legally competent and have reached mutual agreement, the law does not require that the purpose of the agreement be legal. BT: Knowledge PO: 1 True False 2. Examples of agreements that violate government statutes, and are enforceable by the courts, are gambling and wagering agreements. BT: Knowledge PO: 2 True False 3. Gambling on Native American reservations is universally legal in all the states. BT: Knowledge PO: 2 True False 4. Usury laws are applicable to transactions between corporations in all the states. BT: Knowledge PO: 2 True False 5. In many states, the usury statutes apply to retail installment credit sales and credit card transactions. BT: Knowledge PO: 2 True False
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6. Some agreements are unenforceable because they are contrary to the interests of the public, such as agreements in restraint of marriage. BT: Knowledge PO: 3 True False 7. Persons attempting to influence the public officials are exposed and prosecuted every year, but not the public officials. BT: Knowledge PO: 3 True False 8. All agreements are typically legal and enforceable as long as they fulfill the terms of a contract, even if it is to wrongfully use one's influence. BT: Knowledge PO: 3 True False 9. Monopoly power is the term used to describe a situation in which one or more people or firms control the market in a particular area or for a certain product. BT: Knowledge PO: 4 True False 10. The Federal Antitrust Act, also known as the Sherman Antitrust Act, forbids agreements that result in certain kinds of product price discrimination. BT: Knowledge PO: 4 True False 11. In 1890, Congress passed the Federal Antitrust Act, also called the Robinson- Patman Act. BT: Knowledge PO: 4 True False
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12. The Robinson-Patman Act of 1936 specifically prohibits sellers from discriminating among different purchasers of goods of like grade and quality under certain conditions. BT: Knowledge PO: 4 True False 13. A private franchise is another form of legal monopoly which is sometimes called natural monopolies. BT: Knowledge PO: 5 True False 14. A community may designate certain areas as zones for such uses as light industrial, industrial, commercial, and residential. BT: Knowledge PO: 5 True False 15. Zoning regulations may act as legal restraints of trade because they restrict where and how businesses may operate. BT: Knowledge PO: 5 True False 16. Broad classifications of illegal agreements include agreements: A. contrary to the biblical law and other religions. B. that have been declared illegal by a public ballot.
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This note was uploaded on 09/25/2011 for the course GENB 4350 taught by Professor Louis during the Spring '11 term at Houston Baptist.

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Chap011 - Chapter 011 Legal Purpose of Contracts Chapter...

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