1

Question 1

With respect to federal antitrust laws, regulated industries are

Answer 1

With respect to antitrust laws, regulated industries are covered unless specifically exempted by statute or the courts. For example, regulated public utilities are specifically exempted because they are viewed as natural monopolies.

Question 2

For the federal antitrust laws to apply, the illegal activity must affect goods moving in interstate commerce or

Answer 2

Congress has the power to regulate interstate commerce. The antitrust laws apply to activity that either (1) restrains commerce that is itself interstate or (2) has a substantial effect on interstate commerce. In the second case, it is enough if interstate commerce is indirectly affected by solely intrastate activity.

Question 3

Which of the following rights will a third party be entitled to after validly contracting with an agent representing an undisclosed principal?

Answer 3

The third party is entitled to enforce a contract against the agent of an undisclosed principal and against the undisclosed principal when the third party discovers the principal and elects to hold him or her liable.