Final answer:
The two requirements by federal and state laws for contests and sweepstakes are the honest representation of the chance of winning and the guarantee that the prizes will be awarded. These are monitored by the Federal Trade Commission (FTC).
Step-by-step explanation:
The federal and state laws, monitored by the Federal Trade Commission (FTC), require several conditions to be met when running contests and sweepstakes to ensure fairness and honesty. Of the options listed, two requirements stand out as crucial and in line with the FTC's rules. First, the chance of winning must be represented honestly. This means that any claim about the likelihood of winning or the odds presented to potential participants must be factual and without deception. Second, there must be a guarantee that the prizes are awarded as promised. This rule ensures that the contests and sweepstakes are conducted fairly and that the prizes advertised are given to the winners according to the terms of the promotion.
It is not a requirement that contests and sweepstakes must be run no more frequently than once a year, nor is there a rule against running more than one contest or sweepstakes concurrently, as long as each contest or sweepstakes is conducted in accordance with laws and regulations.