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Question
Section 2(a) of the Robinson-Patman Act does not directly address the legality of:
A. functional discounts.
B. partial payment discounts.
C. quantity discounts.
D. accumulation discounts.
Answer
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Soundco, Inc., a leading manufacturer of stereo equipment, sells equipment to both wholesalers and retailers. Soundco regularly charges wholesalers less than it charges retailers for the same equipment. Contending that this pricing practice violated the Robinson-Patman Act, various retailers have sued Soundco. What should Soundco argue in an effort to avoid liability?
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For _____, cost justification is the primary statutory defense to liability under Section 2(a) of the Robinson-Patman Act.
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The maximum penalty for a criminal violation of the 1933 Act is a:
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Nast Corp. orally engaged Baker & Co., CPAs, to audit its financial statements. The management of Nast informed Baker that it suspected the accounts receivable were materially overstated. Although the financial statements audited by Baker did, in fact, include a materially overstated accounts receivable balance, Baker issued an unqualified opinion. Nast relied on the financial statements in deciding to obtain a loan from Century Bank to expand its operations. Nast has defaulted on the loan and has incurred a substantial loss. If Nast sues Baker for negligence in failing to discover the overstatement, Baker's best defense would be that:
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In which of the following contexts is a professional most likely to experience a nonclient action?
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C. A securities broker who provides investment advice to retail investors.
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