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1 Which of the following types of real
property rights can be sold separately from the land?
Buildings and improvements on the land
Minerals in the subsurface
Building fixtures on the land
Improvements under the land
2 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
restitution
compensatory damages
consequential damages
3 Which of the following examples is a
bilateral contract?
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.
Mary promises to pay Bob if Bob promises to paint her
house.
Mary pays Bob for painting her house.
4 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?
Mediation
Minitrial
Discovery
Arbitration
5 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 can no longer use the name Rollerboard on its
boards.
Competitors must pay royalties to Wildboards for using the
term “rollerboard”.
Competitors must put a disclaimer on their boards that
they are not the original Rollerboard.
Wildboards cannot stop competitors from using the term
“rollerboard” for their products.
6 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
$500 or more
$100 or more
7 Which of the two parties are involved
in every contract?
An initiator and a responder
A buyer and seller
A breaching party and a nonbreaching party
An offeror and offeree
8 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
Abandoned property
Mislaid property
Stolen property
9 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 sought
Party enforcing the contract
All parties to the contract
None of the parties to the contract
10 Which of the following examples is a
unilateral contract?
Debbie pays Larry for Larry’s promise to paint her house on
Saturday.
Larry promises to paint Debbie’s house if Debbie promises
to pay him.
Debbie pays Larry for painting her house.
Debbie promises to pay Larry when Larry paints her house.
11 Oral agreements may be legally enforceable
contracts with the exception of some types of contracts specified in which law?
Statute of Frauds
Statute of Verbal Contracts
Statute of Limitations
Common Law Statute
12 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 goods and lease of goods
Sale of commercial goods
13 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
14 What is the highest type of ownership
estate in real property?
Life estate
Freehold estate
Leasehold estate
Fee simple absolute estate
15 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 application
The invention will come into the public domain once its
term period has expired
The inventor has to test his invention in the public
domain, to measure its validity, before being granted a patent
An invention cannot be used in the public domain prior to
it being granted a patent
16 Apart from recovering damages, and
recovering profits made by the offender, successful plaintiffs in a
misappropriation of a trade secret case can also
ask for transfer of any of the offender’s patents to the
plaintiff
obtain the offender’s trademarks or brand name as payoff
ask to acquire the offender’s trade secrets as payoff
obtain an injunction prohibiting the offender from
divulging the trade secret
17 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, personal, real
Personal, real, real
Real, personal, real
18 What federal statute governs the legal use
of electronic contracts?
Uniform Commercial Code
Federal Banking Act of 2010
Federal Enforcement Act
Uniform Computer Information Transactions Act
19 A(n) ________ is an agreement that is
stated orally or in written words.
implied-in-law contract
express contract
implied-in-fact contract
quasi-contract
20 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?
Arbitration
Negotiation
Med-Arb
Mediation
21 To create an enforceable contract,
which of the following are needed?
Offerer, acceptance, agreement, and consideration
Agreement, consideration, contractual capacity, and a
lawful object
Offerer, offeree, agreement, and capacity
Agreement, consideration, objectives, and contractual
capacity
22 Which of the following is an
equitable doctrine designed to prevent unjust enrichment and unjust detriment
where no actual contract exists?
The doctrine of implied-in-law contract
The doctrine of Quantum meruit
The express contract doctrine
The doctrine of formal contracts
23 Which of the following is true when
someone mistakenly makes an improvement to the personal property of another?
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 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 property owner gets to keep the improvement in all cases,
but must pay the party who improved it the reasonable value of the improvement.
24 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
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
25 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.
Legal value is appropriate and the value is paid.
Money must be received and a promise fulfilled
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