Which of the following best defines federal preemption?
A) It is a constitutional doctrine that empowers the U.S. Congress to regulate commerce with foreign nations, with Indian tribes, and among the states.
B) It is a constitutional doctrine declaring that any federal law or treaty that directly conflicts with a state or local law is void.
C) It is a constitutional doctrine whereby the legislative branch enacts laws, the executive branch sees that the laws are executed, and the judicial branch interprets the laws.
D) It is a constitutional doctrine stating that in an area in which federal regulation is pervasive, state legislation cannot stand.
D
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Jim, an accountant, is asked to prepare a statement by Clark. This statement provides details about property owned by Clark. Jim is aware that Clark intends to use this statement to obtain a loan from a bank
Which of the following statements is true of this scenario? A) In the states that follow the Ultramares Doctrine, the bank cannot sue Jim for malpractice. B) The bank can sue Jim for malpractice in all the states in the United States. C) The Ultramares Doctrine allows the bank to sue Jim for malpractice. D) The bank cannot sue Clark because a contractual relationship exists between Jim and the bank.
When firms competing at the same level of business agree to allocate territories in a market, and fix prices at the same time, the following may result:
a. firms may exercise monopoly power in their assigned region b. competition within regions will be reduced c. their actions may be found per se illegal d. the Sherman Act may be violated e. all of the other choices