LAW 531 Week 3 Quiz – 25/25 CORRECT ANSWERS

LAW 531 Week 3 Quiz – 25/25 CORRECT ANSWERS

1

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?

Negotiation

 

Med-Arb

 

Mediation

 

Arbitration

Correct
2

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

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 automatically gets to keep all of 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.

 

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.

Correct
3

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?

Discovery

 

Arbitration

 

Mediation

 

Minitrial

Correct
4

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

Common Law Statute

 

Statute of Frauds

 

Statute of Limitations

 

Statute of Verbal Contracts

Correct
5

What federal statute governs the legal use of electronic contracts?

Federal Enforcement Act

 

Uniform Computer Information Transactions Act

 

Federal Banking Act of 2010

 

Uniform Commercial Code

Correct
6

Which of the following is true about the public use doctrine?

An invention cannot be used in the public domain prior to it being granted a patent

 

The invention will come into the public domain once its term period has expired

 

A patent will not be granted if the invention was already in public use for one year before filing application

 

The inventor has to test his invention in the public domain, to measure its validity, before being granted a patent

Correct
7

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

Agreement, consideration, contractual capacity, and a lawful object

 

Offerer, acceptance, agreement, and consideration

 

Offerer, offeree, agreement, and capacity

 

Agreement, consideration, objectives, and contractual capacity

Correct
8

Which of the two parties are involved in every contract?

An offeror and offeree

 

An initiator and a responder

 

A buyer and seller

 

A breaching party and a nonbreaching party

Correct
9

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

Correct
10

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 gift promise made in an estate is valid and legal

 

A party to a contract cannot promise to provide illegal consideration

Correct
11

Which of the following examples is a bilateral contract?

Mary pays Bob for painting her house.

 

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

 

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.

Correct
12

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

 

Legal value is appropriate and the value is paid.

 

Money must be paid and funds received.

Correct
13

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

 

$100 or more

 

$500 or more

Correct
14

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, personal, real

 

Real, real, personal

 

Real, personal, real

 

Personal, real, real

Correct
15

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

Improvements under the land

 

Building fixtures on the land

 

Minerals in the subsurface

 

Buildings and improvements on the land

Correct
16

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 real property

 

Sale of commercial goods

 

Sale of goods and lease of goods

Correct
17

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

 

Abandoned property

 

Lost property

 

Mislaid property

Correct
18

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

None of the parties to the contract

 

All parties to the contract

 

Party against whom the contract enforcement is sought

 

Party enforcing the contract

Correct
19

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

The mirror image rule

 

The voluntary performance rule

 

The lapse of time rule

 

The public law rule

Correct
20

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

Correct
21

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 Quantum meruit

 

The express contract doctrine

 

The doctrine of implied-in-law contract

Correct
22

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

Leasehold estate

 

Freehold estate

 

Life estate

 

Fee simple absolute estate

Correct
23

Which of the following examples is a unilateral contract?

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

 

Debbie pays Larry for painting her house.

 

Debbie promises to pay Larry when Larry paints her house.

 

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

Correct
24

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

 

restitution

 

liquidated damages

 

compensatory damages

Correct
25

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”.