12 May WHICH OF THE FOLLOWING EXAMPLES IS A BILATERAL CONTRACT?
What federal statute governs the legal use of electronic
contracts?
Federal
Enforcement ActFederal Banking Act of 2010Uniform
Computer Information Transactions ActUniform
Commercial Code
2) Oral
agreements may be legally enforceable contracts with the exception of some
types of contracts specified in which law?
Common
Law StatuteStatute
of LimitationsStatute
of FraudsStatute 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 propertySale
of goods and lease of goodsFinancing
of consumer goodsSale 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
propertyAbandoned
propertyMislaid
propertyStolen property
5)
What is the highest type of ownership estate in real property?
Fee
simple absolute estateLeasehold
estateFreehold estateLife
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?
ArbitrationDiscoveryMediationMinitrial
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.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.
8)
Which of the following examples is a unilateral contract?
Debbie promises to pay Larry when Larry
paints her houseDebbie pays Larry for painting her houseLarry promises to paint Debbies house
if Debbie promises to pay himDebbie pays Larry for Larrys 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 contractParty against whom the contract
enforcement is soughtParty
enforcing the contractAll
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?
Med-ArbArbitrationMediationNegotiation
11) A(n)
________ is an agreement that is stated orally or in written words
implied-in-fact contractimplied-in-law
contractexpress
contractquasi-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 offenders trade
secrets as payoffobtain
the offenders trademarks or brand name as payoffobtain an injunction prohibiting
the offender from divulging the trade secretask
for transfer of any of the offenders patents to the plaintiff
13) Which of
the following examples is a bilateral contract?
Mary pays Bob for painting her houseMary pays Bob for Bobs promise to paint
her house on SaturdayMary promises to pay Bob if Bob promises
to paint her houseBob paints Marys 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
damagescompensatory
damagesrestitutionconsequential
damages
15) Which of
the two parties are involved in every contract?
A buyer and sellerA
breaching party and a nonbreaching partyAn
offeror and offereeAn initiator and a responder
16) Consideration,
which is required in a contract, consists of which two elements?
Legal
value must be given and there must be a bargained-for exchangeMoney must be paid and funds receivedLegal 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
patentThe
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 applicationThe invention will come into the
public domain once its term period has expired
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