Which of the following is true of the act-of-state doctrine?
A) State-regulated models discourage price-fixing and collaboration among competitors.
B) When the illegal conduct is that of a foreign government, the courts are permitted to examine and decide the merits of any claim alleged.
C) It forbids courts of the United States from evaluating the lawfulness of acts of foreign sovereigns performed within their own territories.
D) It forbids the merger of foreign companies that have significant sales in the United States.
C
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Gary is an employee of Thomaston Scientific Co. Gary learns that the R&D department has just discovered a new drug that will help treat heart disease better than similar medicines already on the market. Gary tells his friend Patrick about the discovery, discloses where the information came from, and asks Patrick to keep it private. Instead, Patrick purchases Thomaston Scientific stock and profits from the transaction. Patrick will be:
a. found liable under the Private Securities Litigation Reform Act. b. found liable for insider trading as a tippee. c. not found liable for insider trading, because Patrick did not have a fiduciary duty to Thomaston Scientific d. not found liable for insider trading, because Gary did not breach his duty to the company when he told a friend
When a loss occurs in the current period on a profitable long-term contract, the loss is:
A. recognized under the completed-contract method. B. not recognized under either the completed-contract method or the percentage-of-completion method. C. recognized under both the completed-contract method and the percentage-of-completion method. D. recognized under the percentage-of-completion method