(week 3 quiz: 25/25)
1) What federal statute governs the legal use of electronic contracts?
- Federal Enforcement Act
- Federal Banking Act of 2010
- Uniform Commercial Code
2) Oral agreements may be legally enforceable contracts with the exception of some types of contracts specified in which law?
- Common Law Statute
- Statute of Limitations
- Statute of Verbal Contracts
3) Contracts are discussed primarily in Sections 2 and 2A of the Uniform Commercial Code pertaining to which of the following transactions?
- Sale of real property
- Financing of consumer goods
- Sale of commercial goods
4) 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?
- Lost property
- Mislaid property
- Stolen property
5) What is the highest type of ownership estate in real property?
- Leasehold estate
- Freehold estate
- Life estate
6) 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?
7) 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 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.
8) Which of the following examples is a unilateral contract?
- 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
9) 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
- Party enforcing the contract
- All parties to the contract
10) 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?
11) A(n) ________ is an agreement that is stated orally or in written words
- implied-in-fact contract
- implied-in-law contract
12) Apart from recovering damages, and recovering profits made by the offender, successful plaintiffs in a misappropriation of a trade secret case can also
- 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
13) Which of the following examples is a bilateral contract?
- Mary pays Bob for painting 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
14) 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
- liquidated damages
- compensatory damages
- consequential damages
15) Which of the two parties are involved in every contract?
- A buyer and seller
- A breaching party and a nonbreaching party
- An initiator and a responder
16) Consideration, which is required in a contract, consists of which two elements?
- Money must be paid and funds received
- Legal value is appropriate and the value is paid.
- Money must be received and a promise fulfilled
17) 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 inventor has to test his invention in the public domain, to measure its validity, before being granted a patent
- The invention will come into the public domain once its term period has expired
18) 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 promise to provide illegal consideration
- A gift promise made in an estate is valid and legal
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 lapse of time rule
- The public law rule
- The voluntary performance rule