True/False Questions

True/False Questions Eminent domain refers to the concept of the government giving land to individuals or businesses. _false A promise to perform a service is valid consideration for a contract ___true As a general rule, E Contracts are not enforceable __________false The majority of all contracts are formal contracts. ____________true A 17 year old boy lacks the capacity to enter into a contract ___________false Price fixing occurs when competitors in different lines of business agree to set the price of goods they sell. ___________false Intangible personal property includes; furniture, vehicles, and equipment. ___________false Collateral refers to a secured interest in a debtor's property. _____________true The Sherman Antitrust Act is intended to prohibit certain anticompetitive activity. _true_____________ Employers can be responsible for the tortious acts of their employees, through the doctrine of respondent superior _________true Oral contracts are never legally enforceable. _____________false A debtor is the person who lends money _____________false The Supreme Court is the highest Court of the United States __________true The President of the United States can veto a law that has been passed by Congress ______true Bernie Madoff was an ethical businessman. ____________false Fraud occurs when one person consciously induces another to rely or act on a misrepresentation _______true An apparent agency exists when to parties have intentionally and actually created the relationship ______________false A fiduciary has a legal responsibility to act adverse to the interest of his/her principal _____false A Power of Attorney is an express agency agreement. ________true An independent contractor is another term for an employee. __________false