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