Practice Quiz

DSST Business Law II Exam Prep - Question List

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51. A privately held company is also referred to as:
  1. A close corporation
  2. An unquoted company
  3. An unlisted company
  4. All of the above
  5. None of the above
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52. Elizabeth designs greeting cards. Big Printer manufacturers the greeting cards for Elizabeth. Elizabeth entered into an agreement with Big Gift Shop to provide them with 1000 greeting cards for $2.00 per card. Big Printer unexpectedly raised its printing prices to the extent that Elizabeth would lose money if she sold her cards at $2.00 per card. Elizabeth told Big Gift Shop that she would not be able to fulfill her obligations under the contract. Big Gift Shop sued Elizabeth for breach. Who will win?
  1. Elizabeth will win because the price increase has made the contract unconscionable.
  2. Elizabeth will win because she can no longer afford to perform.
  3. Big Gift Shop will win because once parties enter in a contract for the sale of goods, the contract is inexcusable.
  4. Elizabeth will win because changed circumstances excused her from performing.
  5. Big Gift Shop will win because Elizabeth is not excused from performing just because performance has become expensive for her.
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53. What is the statute that prohibits certain business activities that reduce competition in the marketplace?
  1. Fair Trade Act
  2. Truman Antitrust Act
  3. Sherman Antitrust Act
  4. Tariffs and Trade Act
  5. Sherman Fair Trade Act
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54. New Cola announced its intention to buy Old Cola, and Rival Cola said it would buy Other Cola. The Federal Trade Commission (FTC) reviewed the proposed transactions, looking at the size of the companies in relation to the size of the industry. The FTC decided to block the mergers. On what did the FTC base its decision?
  1. Competition index
  2. Competition-Merger index
  3. Herfindahl-Hirschman index
  4. Taft-Hartley index
  5. Sheman-Clayton index
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55. As it applies to contracts, what is "private law?"
  1. The provisions of the Uniform Commercial Code.
  2. The provisions of the Uniform Commercial Code as adopted by individual states.
  3. The provisions of the Uniform Sales Act.
  4. A set of rules to which parties to a contract agree that may not otherwise apply to the contract.
  5. Common law.
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