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Sample mini quiz before the midterm exam Score ______/_______
Student: _____________________________ Group: ___________
I. Property law. Fill in the gaps with suitable prepositions.
under by of from to by on
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The primary purpose 1) ………. retailers such as Wal-Mart, Amazon.com, and Sears is to sell personal property.
Intangible property does not physically exist, but it is still subject 2) ………. ownership principles, including acquisition, transfer, and sale.
The right to payment 3) ………. a contract, the right to exclude others 4) ………. a patented product, and the right to prohibit others from using copyrighted materials are all examples of intangible property.
Besides property types, property can be classified 5) …….. ownership, too.
The statute of frauds has since been formalized 6) ……. statutes in certain jurisdictions, such as in most states.
Provisions for the statute of frauds are enforced by states, based 7) ……. federal codes.
II. Complete each of collocations in these sentences using suitable word from the box.
prohibited, rigging, cleared, formation, activities,
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He prosecuted bridge contractors under the state's Anti-trust act for 8) bid ……….
Cartel office 9) ……….. roofing construction cartel between three manufacturers.
The lawyer warns his client that anti-competitive 10) ………. always result in criminal prosecution.
The Competition protection law firm has seen cases of cartel 11) ……… and bid collusion in the past.
Italian Cartel office 12) ………. a merger in the market for advertising services subject to remedies including the advertising artificial wants.
III. Text. Staying compliant with competition law. Match the underlined words with the correct definitions from the list below.
Having a discussion with a rival firm about pricing before negotiating a new contract with a third party can seem like good business planning, until you understand the risks of breaching competition law and the consequences.
By having a chat about prices and 13) forming a cartel or breaking other areas of competition law the business could be fined up to 10% of its annual turnover. In addition, company directors can be disqualified from being a director of a company for up to 15 years and, in cases of cartel activity, individuals could face 14) criminal prosecution.
It is no defense for a company director or a sales person to say that they did not know that what they were doing was wrong and 15) contrary to UK competition law.
Few people in business are competition law experts and it is easy to get sucked into what starts out as a friendly local trade association and ends up as a 16) price fixing cartel, with all the financial and reputational damage consequences for the companies and individuals involved.
Competition rules apply to small and big business. It doesn't matter if you don't trade overseas or contract to secure internationally sourced goods.
If you break the law, firms can be fined up to 10% of 17) global turnover, and individuals may be banned or face imprisonment for up to 5 years.
When you think of the risks involved in falling foul of competition law, most people think of cartels. However, under Chapter II of the Competition Act 1998, you can also be in breach of competition law if you 18) abuse a dominant position in the market place.
A dominant position can arise if you have more than 40% of the market share. Examples of 19) anti-competitive behaviour include undercutting competitors by selling at less than the cost price to drive out competition or tying or bundling purchases so some customers can only purchase an item if they tie in other items that they would prefer not to buy from you.
That way the business can be alerted and hopefully act to quash any potentially anti-competitive practices that are thought to be money making ideas by over enthusiastic company directors or employees.
It also pays to remember that anti-competition training should not be a one-off. Risk management training should regularly be reviewed and updated so you keep abreast of developments in competition law. That’s because business reputations are hard won but can be easily lost if the company is not committed to 20) complying with competition laws.
A. anticompetitive business practices in which a dominant firm may engage in order to maintain or increase its position in the market
B. the total amount of income generated by the sale of goods or services related to the company's primary operations
C. when competitors make written, informal or verbal agreements or understandings on: prices for selling or buying goods or services
D. refers to a verdict that the law does not authorize a jury to render because the conclusion drawn is not justified by the evidence
E. the act of carrying on a legal action against a person accused of a crime in court
F. created from a formal agreement between a group of producers of a good or service to regulate supply in order to regulate or manipulate prices
G. act in accordance with a wish or command
H. are business or government activities that prevent or reduce competition in a market.
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