question

All statutes that serve to protect the interests of consumers are classified as consumer laws.

answer

True

question

Vague generalities and obvious exaggerations constitute deceptive advertising.

answer

False

question

Ads cannot be unfair.

answer

True

question

Labels must use words that are easily understood by the ordinary marketing executive.

answer

False

question

A sanction known as counter advertising requires a company to advertise the products of its competitor to counter its own false claims.

answer

False

question

A credit-cardholder is liable for all unauthorized charges made before the creditor is notified that the card has been lost.

answer

False

question

Major credit reporting agencies must provide consumers with free copies of their own credit reports every twelve months.

answer

True

question

The consideration paid to an insurerer to obtain an insure insurance police is the premium

answer

True

question

Insurance companies are prohibited from practicing risk management.

answer

False

question

A party who would sustain a financial loss from the destruction of property has an insurable interest in it.

answer

True

question

The existence of an insurable interest is a primary concern when determining liability under an insurance policy

answer

True

question

An insurance application is part of the insurance contract.

answer

True

question

A loss sustained between the time of application and the delivery of an insurance policy may not be covered

answer

True

question

The insured can cancel a policy at a time.

answer

True

question

One who dies after having made a valid will is said to have died testate

answer

True

question

A gift of real estate other than by will is called a devise

answer

False

question

A lapsed legacy will occur if the testator predeceases the gift.

answer

False

question

To execute a valid will, a testator must remember the "natural objects of his or her bounty"

answer

True

question

A married person who makes a will generally cannot avoid leaving a certain portion of the estate to the surviving spouse

answer

True

question

Undue influence may be inferred when a named beneficiary is in a position to influence the making of a will.

answer

True

question

International law is a body of law that governs relations among nations.

answer

True

question

An international custom is general practice accepted in the international arena as law.

answer

True

question

A treaty is a contact or other agreement between two or more nations that must be ratified by the United Nations to take effect.

answer

False

question

Under the principle of comity, a foreign business that deals with a U.S. business may be subject to U.S. law.

answer

True

question

Confiscation occurs when a government seizes private property for an illegal purpose and without just compentsation.

answer

True

question

Firms overseas have almost total legal protectionagainst government acts in the countries in which they operate under the act of state doctrine.

answer

False

question

The simplest way for a U.S. firm to do business in a foreign market is to export its products directly to the market.

answer

True

question

Like statutory law, administrative law is created by legislatures.

answer

False

question

State regulation, when not preempted, may cover many of the same activities as federal regulations.

answer

True

question

Federal administractive agencies can regulate beyond the powers granted by enabling legislation.

answer

False

question

Federal executive agencies are outside the federal executive departments.

answer

False

question

Administractice agencies cannot make legislative rules, or substantive rules, that are legally binding as laws that Congress passes.

answer

False

question

A court will not review an administrative agency's decision until the case is "ripe for review"

answer

True

question

Final administrative rules have binding legal effect unless the courts later overturn them.

answer

True

question

Informal agency actions are exempt from the Administrative Procedure Act's requirements.

answer

True

question

There are no limits to the information that administracitve agency can demand from an individual or organization

answer

FAlse

question

Unliateral conduct cannot result in a violation of antitrust law.

answer

False

question

Under the rule of reason, a court will consider the effect of the potential effect of a business agreement on competition.

answer

True

question

Any agreement among competitiors to fix prives constitutes a per se ciolation of antitrust law.

answer

True

question

Joint ventures undertaken by competitors are not subject to antitrust laws.

answer

False

LAWS 3930 – Flashcard

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