1 Which of the following examples is a bilateral contract?Mary pays Bob for Bobâ€™s promise to paint her house on Saturday.Bob paints Maryâ€™s house and Mary promises to pay Bob on Saturday.Mary pays Bob for painting her house.Mary promises to pay Bob if Bob promises to paint her house.2 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?ArbitrationNegotiationMediationMed-Arb3 To create an enforceable contract, which of the following are needed? Agreement, consideration, contractual capacity, and a lawful objectOfferer, offeree, agreement, and capacityAgreement, consideration, objectives, and contractual capacityOfferer, acceptance, agreement, and considerationâ€¢ 4 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 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.5 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 propertyMislaid propertyLost propertyAbandoned property6 Wildboards Company introduces a product called a â€œRollerboardâ€ 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 pay royalties to Wildboards for using the term â€œrollerboardâ€.Competitors must put a disclaimer on their boards that they are not the original Rollerboard.Wildboards cannot stop competitors from using the term â€œrollerboardâ€ for their products.7 Consideration, which is required in a contract, consists of which two elements?Legal value is appropriate and the value is paid.Money must be received and a promise fulfilledLegal value must be given and there must be a bargained-for exchangeMoney must be paid and funds received.o Incorrect â€¢ 8 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 asliquidated damagesconsequential damagescompensatory damagesrestitution9 A(n) ________ is an agreement that is stated orally or in written words.implied-in-fact contractquasi-contractimplied-in-law contractexpress contract10 Which of the following is an equitable doctrine designed to prevent unjust enrichment and unjust detriment where no actual conract exists?The doctrine of implied-in-law contractThe doctrine of formal contractsThe doctrine of Quantum meruit The express contract doctrineâ€¢ 11 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 offenderâ€™s trade secrets as payoffobtain an injunction prohibiting the offender from divulging the trade secretobtain the offenderâ€™s trademarks or brand name as payoffask for transfer of any of the offenderâ€™s patents to the plaintiff12 What federal statute governs the legal use of electronic contracts?Uniform Commercial CodeFederal Enforcement ActUniform Computer Information Transactions ActFederal Banking Act of 201013 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, personal, realReal, real, personalPersonal, personal, realPersonal, real, real14 Oral agreements may be legally enforceable contracts with the exception of some types of contracts specified in which law?Statute of FraudsStatute of LimitationsCommon Law StatuteStatute of Verbal Contracts15 Contracts are discussed primarily in Sections 2 and 2A of the Uniform Commercial Code pertaining to which of the following transactions?Financing of consumer goodsSale of real propertySale of commercial goodsSale of goods and lease of goods16 Which of the following is true about the public use doctrine?A patent will not be granted if the invention was already in public use for one year before filing applicationThe invention will come into the public domain once its term period has expiredAn invention cannot be used in the public domain prior to it being granted a patentThe inventor has to test his invention in the public domain, to measure its validity, before being granted a patent17 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 validA party to a contract cannot promise to provide illegal considerationA party to a contract cannot withdraw a promise if the other party to the contract relied upon the promise to his or her detrimentA gift promise made in an estate is valid and legal18 Which of the two parties are involved in every contract?A breaching party and a nonbreaching partyAn offeror and offereeAn initiator and a responderA buyer and seller19 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 ruleThe public law ruleThe lapse of time ruleThe mirror image rule20 Which of the following types of real property rights can be sold separately from the land?Building fixtures on the landImprovements under the land Minerals in the subsurfaceBuildings and improvements on the land21 Both the Statute of Frauds and the Uniform Commercial Code require a valid, enforceable contract to be signed by whom?All parties to the contractNone of the parties to the contractParty enforcing the contractParty against whom the contract enforcement is sought22 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?DiscoveryMinitrialArbitrationMediation23 What is the highest type of ownership estate in real property?Freehold estateFee simple absolute estateLeasehold estateLife estate24 Which of the following examples is a unilateral contract?Debbie pays Larry for Larryâ€™s promise to paint her house on Saturday.Debbie pays Larry for painting her house.Debbie promises to pay Larry when Larry paints her house.Larry promises to paint Debbieâ€™s house if Debbie promises to pay him.25 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?$100 or more$250 or more$1,000 or more$500 or more25 Contracts are discussed primarily in Sections 2 and 2A of the Uniform Commercial Code pertaining to which of the following transactions?Sale of goods and lease of goodsFinancing of consumer goodsSale of commercial goodsSale of real property
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