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Law/531 ‒ Week 3 Quiz
1.Apart from recovering damages, and recovering profits made by the offender, successful plaintiffs in a misappropriation of a trade secret case can also
Obtain the offender’s trademarks or brand name as payoff
Ask to acquire the offender’s trade secrets as payoff
Ask for transfer of any of the offender’s patents to the plaintiff
Obtain an injunction prohibiting the offender from divulging the trade secret
2.Contracts are discussed primarily in Sections 2 and 2A of the Uniform Commercial Code pertaining to which of the following transactions?
Financing of consumer goods
Sale of commercial goods
Sale of real property
Sale of goods and lease of goods
A (n) ________ is an agreement that is stated orally or in written words.
Implied-in-fact contract
Implied-in-law contract
Quasi-contract
Express contract
3 .Which of the following is true about the public use doctrine?
The inventor has to test his invention in the public domain, to measure its validity, before being granted a patent.
A patent will not be granted if the invention was already in public use for one year before filing application.
The invention will come into the public domain once its term period has expired.
An invention cannot be used in the public domain prior to it being granted a patent.
4.Some trees were cut down and made into lumber, and the lumber was used to build a house. What type of property were the trees while they were growing, when they were lumber, and when they became part of the house, respectively?
Personal, real, real
Real, real, personal
Real, personal, real
Personal, personal, real
5.Which of the following examples is a unilateral contract?
Debbie promises to pay Larry when Larry paints her house.
Debbie pays Larry for painting her house.
Larry promises to paint Debbie’s house if Debbie promises to pay him.
Debbie pays Larry for Larry’s promise to paint her house on Saturday.
6.In order for a response to be considered a legal acceptance to an offer, and not a counter offer, what rule must apply?
– The voluntary performance rule
– The public law rule
– The mirror image rule
– The lapse of time rule
7.Oral agreements may be legally enforceable contracts with the exception of some types of contracts specified in which law?
– Statute of Frauds
– Statute of Limitations
– Common Law Statute
– Statute of Verbal Contracts
8.Which of the following is the best definition for the legal term promissory estoppels?
– A promise made in a contract must be an express promise in order to be valid
– A party to a contract cannot withdraw a promise if the other party to the contract relied upon the promise to his or her detriment
– A party to a contract cannot promise to provide illegal consideration
– A gift promise made in an estate is valid and legal
To create an enforceable contract, which of the following are needed?
1. Offerer, acceptance, agreement, and consideration.
2. Agreement, consideration, objectives, and contractual capacity.
3. Agreement, consideration, contractual capacity, and a lawful object.
4. Offerer, offeree, agreement, and capacity.
For a contract to be enforceable, the following four basic requirements must be met:
1. Agreement. To have an enforceable contract, there must be an agreement between the parties. This requires an offer by the offeror and an acceptance of the offer by the offeree. There must be mutual assent by the parties.
2. Consideration. A promise must be supported by a bargained-for consideration that is legally sufficient. Money, personal property, real property, provision of services, and such qualify as consideration.
3. Contractual capacity. The parties to a contract must have contractual capacity for the contract to be enforceable against them. Contracts cannot be enforced against parties who lacked contractual capacity when they entered into the contracts.
4. Lawful object. The object of a contract must be lawful. Most contracts have a lawful object. However, contracts that have an illegal object are void and will not be enforced.
What federal statute governs the legal use of electronic contracts?
Uniform Commercial Code
Uniform Computer Information Transactions Act
Federal Enforcement Act
Federal Banking Act of 2010
Which of the two parties are involved in every contract?
A breaching party and a nonbreaching party
An offeror and offeree
An initiator and a responder
A buyer and seller
Jenson and Johnson enter into a contract that involves Johnson paying Jenson $1,000 for shoveling the snow from his driveway throughout the winter. Jenson, who was paid before work commenced, breached the contract on the very first day. He should refund $1,000 to Johnson as
Consequential damages
Compensatory damages
Liquidated damages
Restitution
Consideration, which is required in a contract, consists of which two elements?
Money must be received and a promise fulfilled
Legal value is appropriate and the value is paid.
Legal value must be given and there must be a bargained-for exchange
Money must be paid and funds received.
For a contract to be enforceable, the following four basic requirements must be met:
1. Agreement. To have an enforceable contract, there must be an agreement between the parties. This requires an offer by the offeror and an acceptance of the offer by the offeree. There must be mutual assent by the parties.
2. Consideration. A promise must be supported by a bargained-for consideration that is legally sufficient. Money, personal property, real property, provision of services, and such qualify as consideration.
3. Contractual capacity. The parties to a contract must have contractual capacity for the contract to be enforceable against them. Contracts cannot be enforced against parties who lacked contractual capacity when they entered into the contracts.
4. Lawful object. The object of a contract must be lawful. Most contracts have a lawful object. However, contracts that have an illegal object are void and will not be enforced.
Med-Arb
Mediation
Negotiation
Arbitration
Which of the following is true when someone mistakenly makes an improvement to the personal property of another?
The party who made the improvement can remove it if this is possible; otherwise, the owner of the property must keep the improvement and must pay the party who improved it the reasonable value of the improvement.
The property owner automatically gets to keep all of the improvement and is not required to pay for it.
The party who made the improvement must remove all easily removable improvements, paying any damages from the removal; otherwise the owner of the property gets to keep the improvement and is not required to pay for it.
The property owner gets to keep the improvement in all cases, but must pay the party who improved it the reasonable value of the improvement.
Which of the following types of real property rights can be sold separately from the land?
Minerals in the subsurface
Improvements under the land
Buildings and improvements on the land
Building fixtures on the land
Under Section 2 of the Uniform Commercial Code (UCC), a contract for the sale of goods must be written if that contract is for what monetary value?
$1,000 or more
$250 or more
$500 or more
$100 or more
Wildboards Company introduces a product called a “Rollerboard” for which it is granted a registered trademark. The Rollerboard is a snowboard with a removable row of wheels along the center of the underside. With the wheels attached, the user can attain extremely high speed in hard-packed snow conditions. In addition, many users have found that they can use their snowboards on streets with the wheels attached. This new use of snowboards becomes very popular and many competing snowboard makers introduce similar products. The sport becomes known generally as rollerboarding and most people refer to all such wheeled snowboards as rollerboards. What is the consequence of this scenario?
Competitors must put a disclaimer on their boards that they are not the original Rollerboard.
Competitors must pay royalties to Wildboards for using the term “rollerboard”.
Wildboards can no longer use the name Rollerboard on its boards.
Wildboards cannot stop competitors from using the term “rollerboard” for their products.
Which of the following is an equitable doctrine designed to prevent unjust enrichment and unjust detriment where no actual contract exists?
The doctrine of formal contracts
The doctrine of implied-in-law contract
The doctrine of Quantum meruit
The express contract doctrine
Quasi-contract (implied-in-law contract) (page 176): An equitable doctrine whereby a court may award monetary damages to a plaintiff for providing work or services to a defendant even though no actual contract existed. The doctrine is intended to prevent unjust enrichment and unjust detriment.
If a contract ends in a dispute, and the parties want to have the matter resolved without going to court, which is the most common method for them to pursue?
Mediation
Arbitration
Mini-trial
Discovery
What is the highest type of ownership estate in real property?
Fee simple absolute estate
Life estate
Freehold estate
Leasehold estate
An individual who finds the personal property of another, acquires legal title to that property against the entire world, only if it is what type of personal property?
Abandoned property
Mislaid property
Lost property
Stolen property
Both the Statute of Frauds and the Uniform Commercial Code require a valid, enforceable contract to be signed by whom?
Party against whom the contract enforcement is sought
Party enforcing the contract
None of the parties to the contract
All parties to the contract
The Statute of Frauds and the UCC require a written contract, whatever its form, to be signed by the party against whom enforcement is sought. The signature of the person who is enforcing the contract is not necessary. Thus, a written contract may be enforceable against one party but not the other party.
Which of the following examples is a bilateral contract?
Bob paints Mary’s house and Mary promises to pay Bob on Saturday.
Mary pays Bob for Bob’s promise to paint her house on Saturday.
Mary pays Bob for painting her house.
Mary promises to pay Bob if Bob promises to paint her house.
Answer
Submitted by truecolors on Sun, 2015-09-13 08:37
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