Which of the Following Statements About Various Types of Surety

question 26

Multiple Choice

Which of the following statements about various types of surety bonds is true?

• A)A judicial bond guarantees that a public official will faithfully perform his or her duties for the protection of the public.
• B)A payment bond guarantees that the bonded person will appear in court.
• C)A license and permit bond guarantees that the bonded party will comply with all the laws and regulations governing his or her activities.
• D)A bid bond guarantees that the principal will complete a construction project on time.

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Definitions:

Sherman Act

The federal antitrust law enacted in 1890 that prohibited monopolization and conspiracies to restrain trade.

Antitrust Prosecution

Legal actions taken by government to enforce antitrust laws, aiming to promote competition and prevent monopolies, price fixing, and other practices that reduce market competition.

Clayton Act

A U.S. law enacted in 1914 aimed at promoting competition among businesses by prohibiting certain types of business practices.

Business Practices

The methods, tactics, and strategies that companies use to conduct business, interact with customers, and compete in the market.