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Questions 1. Correct 2. Correct 3. Correct 4. Correct 5. Correct 6. Correct 7. Correct 8. Correct 9. Correct 10. Correct 11. Correct 12. Correct 13. Correct 14. Correct 15. Correct 16. Correct 17. Correct 18. Correct 19. Correct 20. Correct 21. Correct 22. Correct 23. Correct 24. Correct 25. Correct Your answers : 25/25 (100%) Submitted on Sep 02, 2013, 7:25 PM 1
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 offenders trade secrets as payoff

obtain an injunction prohibiting the offender from divulging the trade secret

obtain the offenders trademarks or brand name as payoff ask for transfer of any of the offenders patents to the plaintiff

Correct 2
Which of the following is true about the public use doctrine?
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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 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

Correct 3
Start Over

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?

Med-Arb Negotiation

Arbitration

Mediation

Correct 4
Which of the following examples is a unilateral contract?

Larry promises to paint Debbies house if Debbie promises to pay him.

Debbie pays Larry for painting her house. Debbie pays Larry for Larrys promise to paint her house on Saturday. Debbie promises to pay Larry when Larry paints her house.

Correct 5
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 liquidated damages


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restitution

compensatory damages

Correct 6
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 cannot stop competitors from using the term rollerboard for their products. 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.

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

Correct 7
Which of the following types of real property rights can be sold separately from the land?

Building fixtures on the land

Minerals in the subsurface

Buildings and improvements on the land Improvements under the land

Correct 8
Which of the following is true when someone mistakenly makes an improvement to the personal property of another?

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.

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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 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.

Correct 9
Oral agreements may be legally enforceable contracts with the exception of some types of contracts specified in which law? Statute of Limitations Common Law Statute

Statute of Verbal Contracts

Statute of Frauds

Correct 10
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 Sale of goods and lease of goods Financing of consumer goods

Sale of commercial goods

Correct 11
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
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$500 or more

$100 or more

Correct 12
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

Correct 13
To create an enforceable contract, which of the following are needed?

Offerer, acceptance, agreement, and consideration Agreement, consideration, objectives, and contractual capacity

Agreement, consideration, contractual capacity, and a lawful object

Offerer, offeree, agreement, and capacity

Correct 14
What is the highest type of ownership estate in real property?

Leasehold estate Life estate Fee simple absolute estate

Freehold estate

Correct
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15
Which of the following examples is a bilateral contract? Mary pays Bob for painting her house. Mary promises to pay Bob if Bob promises to paint her house. Mary pays Bob for Bobs promise to paint her house on Saturday.

Bob paints Marys house and Mary promises to pay Bob on Saturday.

Correct 16
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 lapse of time rule The mirror image rule

Correct 17
A(n) ________ is an agreement that is stated orally or in written words.

implied-in-law contract express contract

quasi-contract

implied-in-fact contract

Correct 18
Which of the following is the best definition for the legal term promissory estoppels?

A party to a contract cannot promise to provide illegal consideration

A gift promise made in an estate is valid and legal

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

Correct 19
Consideration, which is required in a contract, consists of which two elements? Legal value must be given and there must be a bargained-for exchange Money must be paid and funds received. Money must be received and a promise fulfilled

Legal value is appropriate and the value is paid.

Correct 20
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 21
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?

Mislaid property

Stolen property

Lost property Abandoned property

Correct 22

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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 express contract doctrine

The doctrine of Quantum meruit

Correct 23
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?

Arbitration

Minitrial Mediation Discovery

Correct 24
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, real, real

Real, personal, real

Personal, personal, real

Correct 25
Which of the two parties are involved in every contract?

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An initiator and a responder

A buyer and seller A breaching party and a nonbreaching party An offeror and offeree

Correct

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