Question 1

Contracts for the sale of goods are governed by which of the following?

Accepted Answer

A)  The common law 
B)  Contract law 
C)  Article 2 of the Uniform Commercial Code (UC
C)  
D)  The common law and contract law 
E)  None of these choices is correct.

Question 2

Article 2 of the UCC does not deal with the sale of

Accepted Answer

A)  intangible property. 
B)  real estate. 
C)  services. 
D)  All of these choices are correct

Question 3

Contracts involving interests in land are normally required to be in writing under which of the following?

Accepted Answer

A)  The Statute of Frauds 
B)  The undue influence rule 
C)  The duress rule 
D)  The unconscionability rule

Question 4

Jake is twelve years old when he enters into a contract with Germaine, who is twenty-five years old. Jake is

Accepted Answer

A)  legally bound to the contract. 
B)  not legally bound to the contract. 
C)  legally bound to the contract until he turns eighteen. 
D)  legally bound to the contract until he turns twenty-one.

Question 5

Statutory damages for copyright infringement under the Copyright Act will not exceed which amount?

Accepted Answer

A)  $50,000 
B)  $150,000 
C)  $250,000 
D)  $300,000

Question 6

Patents, trademarks, and copyrights are examples of which of the following?

Accepted Answer

A)  Intellectual property 
B)  Real property 
C)  Public property 
D)  Contract property

Question 7

Alice is sixteen years old when she enters into a contract with Eric, who is twenty-one years old, to sell her car to him for $10,000. Alice and Eric's contract is

Accepted Answer

A)  disaffirmed. 
B)  breached. 
C)  voidable. 
D)  voided.

Question 8

The parties to a contract may specify a reasonable amount to be paid in the event of a future breach of the contract, which is called______ damages.

Accepted Answer

A)  consequential 
B)  liquidated 
C)  punitive 
D)  compensatory

Question 9

Impossibility of performance will not occur if

Accepted Answer

A)  the subject matter of the contract is destroyed. 
B)  one of the parties dies prior to performance. 
C)  performance of the contract becomes illegal due to a change in the law. 
D)  None of these choices is correct.

Question 10

A___ is a term that is used to indicate part or all of a business's name and that is directly related to the business's reputation and goodwill.

Accepted Answer

A)  trade secret 
B)  copyright 
C)  trademark 
D)  trade name

Question 11

Describe how online offers can be made and accepted.

Accepted Answer

The answer of Describe how online offers can be made...

Question 12

In general, the terms of the offer must be______ so that the parties and the court can determine the terms of the contract.

Accepted Answer

A)  reasonably certain 
B)  unequivocal 
C)  specific 
D)  None of these choices is correct.

Question 13

Sal buys a farm from her lifelong friend, Fred. She pays $12,000 per year for fifteen years. She trusts Fred, so she does not put the deal in writing. Ten years later, Fred sells the same property to Nell (on a written contract), who evicts Sal. Sal sues Fred. Why won't a court enforce the contract between Sal and Fred?

Accepted Answer

A)  The Statute of Frauds 
B)  The undue influence rule 
C)  The duress rule 
D)  The unconscionability rule

Question 14

The government grant that gives an inventor the exclusive right or privilege to make, use, or sell his or her invention for a limited period of time is called a

Accepted Answer

A)  trademark. 
B)  trade name. 
C)  copyright. 
D)  patent.

Question 15

What is a trade secret? How long does it have protection? How do businesses protect their trade secrets with respect to their own employees?

Accepted Answer

The answer of What is a trade secret? How long...

Question 16

A party who in good faith performs substantially all of the terms of a contract can usually enforce the contract against the other party under the doctrine of

Accepted Answer

A)  insubstantial performance. 
B)  inadequate performance. 
C)  substantial performance. 
D)  fulfilled duty.

Question 17

Impossibility of performance may occur if

Accepted Answer

A)  the subject matter of the contract is destroyed. 
B)  one of the parties dies prior to performance. 
C)  performance of the contract becomes illegal due to a change in the law. 
D)  All of these choices are correct.

Question 18

A(n)______ is something of value, such as money or the performance of an action not otherwise required, that is exchanged during the contract process.

Accepted Answer

A)  offer 
B)  acceptance 
C)  consideration 
D)  legality

Question 19

Courtney gives an oral promise to Jeremy concerning the goods she is selling him. Her oral promise is which of the following?

Accepted Answer

A)  An implied warranty 
B)  An express warranty 
C)  An oral warranty 
D)  An invalid warranty

Question 20

Describe the federal E-SIGN Act. What are some of the documents that it does or does not apply to? How has it affected online contracting?

Accepted Answer

The answer of Describe the federal E-SIGN Act. What are...

Exam 15: Contracts and Intellectual Property Law