Business - LAW 531 Week 3 Quiz (Scored 25/25) - 41859

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Week 3 Quiz

1)      What federal statute governs the legal use of electronic contracts?

  • Federal Enforcement Act
  • Federal Banking Act of 2010
  • Uniform Computer Information Transactions Act
  • Uniform Commercial Code


2)      Oral agreements may be legally enforceable contracts with the exception of some types of contracts specified in which law?

  • Common Law Statute
  • Statute of Limitations
  • Statute of Frauds
  • Statute 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 property
  • Sale of goods and lease of goods
  • Financing of consumer goods
  • Sale 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 property
  • Abandoned property
  • Mislaid property
  • Stolen property

5)      What is the highest type of ownership estate in real property?


  • Fee simple absolute estate
  • Leasehold estate
  • Freehold estate
  • Life 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?


  • Arbitration
  • Discovery
  • Mediation
  • Minitrial



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 house
  • Debbie pays Larry for painting her house
  • Larry promises to paint Debbie’s house if Debbie promises to pay him
  • Debbie pays Larry for Larry’s 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 contract
  • Party against whom the contract enforcement is sought
  • Party enforcing the contract
  • All 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-Arb
  • Arbitration
  • Mediation
  • Negotiation


11)  A(n) ________ is an agreement that is stated orally or in written words


  • implied-in-fact contract
  • implied-in-law contract
  • express contract
  • quasi-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 offender’s trade secrets as payoff
  • obtain the offender’s trademarks or brand name as payoff
  • obtain an injunction prohibiting the offender from divulging the trade secret
  • ask for transfer of any of the offender’s patents to the plaintiff


13)  Which of the following examples is a bilateral contract?


  • Mary pays Bob for painting her house
  • Mary pays Bob for Bob’s promise to paint her house on Saturday
  • Mary promises to pay Bob if Bob promises to paint her house
  • Bob paints Mary’s 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 damages
  • compensatory damages
  • restitution
  • consequential damages


15)  Which of the two parties are involved in every contract?

  • A buyer and seller
  • A breaching party and a nonbreaching party
  • An offeror and offeree
  • An 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 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


17)  Which of the following is true about the public use doctrine?


18)  Which of the following is the best definition for the legal term promissory estoppels?



19)  In order for a response to be considered a legal acceptance to an offer, and not a counter offer, what rule must apply?



20)  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?




21)  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



22)  Which of the following is an equitable doctrine designed to prevent unjust enrichment and unjust detriment where no actual contract exists?



23)  To create an enforceable contract, which of the following are needed? 



24)  Which of the following types of real property rights can be sold separately from the land?


25)  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?


Solution Description

Week 3 Quiz.doc
Week 3 Quiz.doc