Which of the following statements is true about "time is of the essence" clauses in contracts?

a. these clauses are unenforceable because they violate public policy

b. these clauses are examples of express conditions precedent.

c. these clauses are examples of constructive conditions subsequent.

d. these clauses are substitutes for tender of performance.

Jim promises to buy Sue's pick-up truck for $5,000, and they agree that the sale will not occur unless the truck passes the Maryland State Vehicle Inspection. This is an example of an ______ condition.

a. express

b. implied-in-fact

c. implied-in-law

d. endorsed

Which of the following statements about the statute of frauds is true?

a. the statute does not apply to executed contracts

b. The statute applies to all sales of goods.

c. the statute does not apply to contracts for the sale of land costing less than $50,000.

d. the statute applies only when there is a factual dispute over an oral contract

Which of the following is a valid defense to price fixing?

a. the fixed price is fair and reasonable.

b. the parties to the price fixing agreement are small companies who can now jointly compete with bigger companies.

c. the prices fixed were for services, not for goods.

d. there generally is no legal defense to price fixing.

When courts use the rule of reason to determine whether an activity violates antitrust laws, they look to see if the activity does which of the following?

a. suppresses competition

b. drives down the cost of goods or services

c. drives up the cost of goods or services

d. affects the price at which the company's shares trade on the stock market