Business Law

Which of the following was passed by the federal government in an effort to regulate unfair business practices in the late 19th century?

• The Interstate Commerce Act

• The Sherman Antitrust Act

• both A and B

• neither A nor B

Which of the following is a primary source of Business Law?

• Constitution

• Case Law

• Statutory Law

• All of the above

What is the primary purpose of antitrust laws?

• To promote fair competition

• To protect consumers

• To regulate monopolies

• All of the above

Which of the following is an example of a tort in business law?

• Breach of contract

• Negligence

• Trademark infringement

• All of the above

What is the legal term for a written agreement between two parties?

• Contract

• Tort

• Statute

• Decree

Which of the following is a characteristic of a corporation?

• Limited liability

• Unlimited liability

• No liability

• Joint liability

What is the role of the Securities and Exchange Commission (SEC)?

• To regulate the stock market

• To enforce antitrust laws

• To oversee labor laws

• To manage environmental regulations

Which of the following is a type of intellectual property?

• Patent

• Contract

• Tort

• Deed

What is the primary function of contract law?

• To enforce agreements

• To regulate competition

• To protect intellectual property

• To manage employment

Which of the following is a legal entity that is separate from its owners?

• Sole proprietorship

• Partnership

• Corporation

• Franchise