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LAW531 Business Law Week 3 QUIZ 100% CORRECT ANSWERS

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  • 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?

Minitrial

Mediation

Arbitration

Discovery

  • 2

Apart from recovering damages, and recovering profits made by the offender, successful plaintiffs in a misappropriation of a trade secret case can also

obtain an injunction prohibiting the offender from divulging the trade secret

ask to acquire the offender’s trade secrets as payoff

obtain the offender’s trademarks or brand name as payoff

ask for transfer of any of the offender’s patents to the plaintiff

  • 3

In order for a response to be considered a legal acceptance to an offer, and not a counter offer, what rule must apply?

The public law rule

The voluntary performance rule

The mirror image rule

The lapse of time rule

  • 4

Which of the two parties are involved in every contract?

An initiator and a responder

A breaching party and a nonbreaching party

A buyer and seller

An offeror and offeree

  • 5

A(n) ________ is an agreement that is stated orally or in written words.

implied-in-fact contract

express contract

implied-in-law contract

quasi-contract

  • 6

Parties enter into a contract for services and one party commits a breach. The party who breached wants to continue with the contract but wants the terms revised. What is his best method of dispute resolution?

Mediation

Arbitration

Med-Arb

Negotiation

  • 7

Consideration, which is required in a contract, consists of which two elements?

Money must be received and a promise fulfilled

Legal value must be given and there must be a bargained-for exchange

Money must be paid and funds received.

Legal value is appropriate and the value is paid.

  • 8

Oral agreements may be legally enforceable contracts with the exception of some types of contracts specified in which law?

Common Law Statute

Statute of Verbal Contracts

Statute of Limitations

Statute of Frauds

  • 9

Both the Statute of Frauds and the Uniform Commercial Code require a valid, enforceable contract to be signed by whom?

Party enforcing the contract

None of the parties to the contract

Party against whom the contract enforcement is sought

All parties to the contract

  • 10

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?

Stolen property

Lost property

Mislaid property

Abandoned property

  • 11

What is the highest type of ownership estate in real property?

Freehold estate

Life estate

Fee simple absolute estate

Leasehold estate

  • 12

Which of the following examples is a bilateral contract?

Mary promises to pay Bob if Bob promises to paint her house.

Mary pays Bob for Bob’s promise to paint her house on Saturday.

Bob paints Mary’s house and Mary promises to pay Bob on Saturday.

Mary pays Bob for painting her house.

  • 13

Contracts are discussed primarily in Sections 2 and 2A of the Uniform Commercial Code pertaining to which of the following transactions?

Sale of commercial goods

Financing of consumer goods

Sale of real property

Sale of goods and lease of goods

  • 14

To create an enforceable contract, which of the following are needed?

Offerer, acceptance, agreement, and consideration

Offerer, offeree, agreement, and capacity

Agreement, consideration, contractual capacity, and a lawful object

Agreement, consideration, objectives, and contractual capacity

  • 15

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

restitution

compensatory damages

consequential damages

liquidated damages

  • 16

Which of the following types of real property rights can be sold separately from the land?

Minerals in the subsurface

Building fixtures on the land

Buildings and improvements on the land

Improvements under the land 

  • 17

Which of the following is an equitable doctrine designed to prevent unjust enrichment and unjust detriment where no actual contract exists?

The doctrine of implied-in-law contract

The express contract doctrine

The doctrine of Quantum meruit

The doctrine of formal contracts

  • 18

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?

Real, real, personal

Personal, personal, real

Personal, real, real

Real, personal, real

  • 19

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?

$250 or more

$500 or more

$100 or more

$1,000 or more

  • 20

What federal statute governs the legal use of electronic contracts?

Federal Enforcement Act

Federal Banking Act of 2010

Uniform Computer Information Transactions Act

Uniform Commercial Code

  • 21

Which of the following is the best definition for the legal term promissory estoppels?

A gift promise made in an estate is valid and legal

A promise made in a contract must be an express promise in order to be valid

A party to a contract cannot promise to provide illegal consideration

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

  • 22

Which of the following is true when someone mistakenly makes an improvement to the personal property of another?

The property owner automatically gets to keep all of 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.

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 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.

  • 23

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

An invention cannot be used in the public domain prior to it 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

  • 24

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?

Wildboards can no longer use the name Rollerboard on its boards.

Competitors must put a disclaimer on their boards that they are not the original Rollerboard.

Wildboards cannot stop competitors from using the term “rollerboard” for their products.

Competitors must pay royalties to Wildboards for using the term “rollerboard”.

  • 25

Which of the following examples is a unilateral contract?

Debbie promises to pay Larry when Larry paints her house.

Debbie pays Larry for Larry’s promise to paint her house on Saturday.

Debbie pays Larry for painting her house.

Larry promises to paint Debbie’s house if Debbie promises to pay him.