LAW531 Week 3 – Quiz

LAW 531 Week 3 Quiz1. 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 patentA patent will not be granted if the invention was already in public use for one year before filing applicationAn invention cannot be used in the public domain prior to it being granted a patentThe invention will come into the public domain once its time period has expired2. Which of the following is an equitable doctrine designed to prevent unjust enrichment and unjust detriment where no actual contract exists?The doctrine of Quantum meritThe doctrine of implied-in-law contractThe express contract doctrineThe doctrine of formal contracts3. Which of the following examples is a bilateral contract?Mary pays Bob for painting her houseMary promises to pay Bob if Bob promises to paint her houseMary pays Bob for Bob’s promise to paint her house on SaturdayBob paints Mary’s house and Mary promises to pay Bob on Saturday.4. Which of the following if 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 gift promise made in an estate is valid and legalA party to a contract cannot withdraw a promise if the other party to the contract relied upon the promise to his or her detriment.5. A(n) ________is an agreement that is stated orally or in written words.Express contractQuasi contractImplied-in-fact contractImplied-in-law contract6. 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 propertyStolen propertyLost propertyAbandoned property7. 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 mirror image ruleThe public law ruleThe lapse of time rule8. 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.Competitors must pay royalties to Wildboards for using the term “rollerboard”.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 Rollerboards.9. 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 the best method of dispute resolution?MediationNegotiationArbitrationMed-Arb10. Apart from recovering damages, and recovering profits made by the offender, successful plaintiffs in a misappropriation of a trade secret case can alsoAsk for transfer of any of the offender’s patents to the plaintiffObtain the offender’s trademarks or brand name as payoffAsk to acquire the offender’s trade secrets as payoffObtain an injunction prohibiting the offender from divulging the trade secret11. Oral agreements may be legally enforceable contracts with the exception of some types of contracts specified in which law?Statute of LimitationsCommon Law StatuteStatute of Verbal ContractsStatute of Frauds12. Consideration, which is requires in a contract, consists of which two elements?Legal value must be given and there must be a bargained-for exchangeMoney must be received and a promise fulfilledMoney must be paid and fund receivedLegal value is appropriate and the value is paid13. Which of the two parties are involved in every contract? A buyer and sellerAn offeror and offereeA breaching party and a non-breaching partyAn initiator and a responder14. Which of the following types of real property rights can be sold properly from land?Minerals in the subsurfaceBuildings and improvements on the landImprovements under the landBuilding fixtures on the land15. Which of the following is true when someone mistakenly makes an improvement to the personal property of another?The property owner 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 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 part who improved it the reasonable value of the improvement.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 goodsSale of commercial goodsSale of goods and lease of goodsSale of real property17. 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 damagesCompensatory damagesConsequential damagesRestitution18. 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, real, realReal, real, personalReal, personal, realPersonal, personal, real19. 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?$50 or more$1,000 or more$500 or more$200 or more20. Which of the following examples of is a unilateral contract?Debbie pays Larry for painting her houseLarry promises to paint Debbie’s house if Debbie promises to pay himDebbie pays Larry for Larry’s promise to paint her house on SaturdayDebbie promises to pay Larry when Larry paints her house.21. Both the Statute of Frauds and the Uniform Commercial Code require a valid, enforceable contract to be signed by whom?Party against whom the contract enforcement is soughtParty enforcing the contractAll parties to the contractNone of the parties to the contract22. What is the highest type of ownership estate in real property?Leasehold estateFreehold estateFee simple absolute estateLife estate23. What federal statute governs the legal use of electronic contracts?Federal Banking Act of 2010Uniform Commercial CodeUniform Computer Information Transactions ActFederal Enforcement Act24. 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?MediationDiscoveryArbitrationMini-trial25. To create an enforceable contract, which of the following are needed?Agreement, consideration, objectives, and contractual capacityAgreement, consideration, contractual capacity, and a lawful objectOfferer, offeree, agreement, and capacityOfferer, acceptance, agreement, and consideration