The Concept of "Qui Tam

question 19

Multiple Choice

The concept of "qui tam":

• A) Was first established in the United States by the False Claims Act and has been mimicked by various state laws
• B) Was first established in the United States by the False Claims Act, but gained widespread application when it was enacted as a core element of the Sarbanes-Oxley Act
• C) Is an effective deterrent in Europe against accounting fraud and, according to critics, should be adopted in the United States
• D) Enables the SEC to recover an equal share of all investor recoveries obtained in private investor lawsuits

Identify and explain the modifications to common law of contracts brought by Article 2 of the UCC, especially regarding consideration.

Differentiate between types of contracts (e.g., output and requirements contracts versus illusory promises).

Analyze the adequacy of consideration and its role in the enforceability of contracts.

Recognize the elements necessary for a binding contract, including bargained-for exchange and legal sufficiency.

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Definitions:

Air Travel

The act of transportation by aircraft, including commercial flights, private planes, and other forms of flying.

Variable Input

An input in the production process that can be adjusted in the short run to change the level of output.

Total Output

The total quantity of goods and services produced by an economy, a sector, or a company during a given period.

MRP

The additional revenue a firm generates by employing one more unit of input, such as labor or capital, in the production process.