1 Jackson has a life estate in the ranch he has lived on for 20 years.Which of the following statements would not be true?

Multiple Choice

• Jackson, as the life tenant, may not sell his interest in the property.
• Jackson interest in the property last for his lifetime.
• Jackson's wife and children can continue to live on the ranch after he passes away.
• Jackson is required to maintain the property and pay taxes on it.

2 The Administrative Procedures Act does all of the following except

Multiple Choice

• imposing specific procedural structures on administrative agencies duties of rulemaking.
• providing for the judicial review of agency actions and determinations.
• establishing the number of senators who must vote to approve the nomination of a senior member of a federal agency.
• imposing due process requirements with regard to adjudication and other agency functions.

3 Which of the following is an example of vertical price-fixing?

Multiple Choice

• Apex Corp conspires with Bold Corp, a direct competitor, to fix prices on each company's 250cc motorcycles at $8,000.
• First Rate Manufacturing required that customers who purchased their bicycle also purchase their bicycle helmet.
• Big Corp insisted that Small Retailing, a company that sells Big Corp's products, sell them for no less than $10 each.
• Sharpco and Dullco are direct competitors. They agree to refuse to deal with a third company,Blankco, which is a supplier in their industry.