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Q:
In auction without reserve, the seller is the offeree.
Q:
A rejection of an offer is not effective until it is actually received by the offeror.
Q:
A contract that has been fully performed by both sides is called an executory contract.
Q:
An express contract can be stated orally.
Q:
A unilateral contract can be accepted without the performance of an act by the offeree.
Q:
An offer to create a unilateral contract cannot be accepted by a promise to perform.
Q:
An offer to create a unilateral contract can be revoked by the offeror any time prior to the offeree's performance of the requested act.
Q:
In a recognizance, a party acknowledges in court that he or she will pay a specified sum of money if a certain event occurs.
Q:
A voidable contract is also termed as an unenforceable contract.
Q:
The infancy doctrine allows minors to ________ contracts they have entered into with adults.
Q:
The ________ establishes uniform legal rules for the formation and enforcement of electronic contracts and licenses.
Q:
Provision of services qualifies as "consideration" for an enforceable contract.
Q:
A contract is bilateral contract if the offeror's promise is answered with the offeree's promise of acceptance.
Q:
An act of performance is necessary to create a bilateral contract.
Q:
The ________ rule states that the offeree must accept the terms of an offer as stated in the offer.
Q:
A(n) ________ is a contract in which the original offeree pays consideration (usually money) in return for the original offeror giving consideration (time of the option period).
Q:
________ is something of legal value given in exchange for a promise.
Q:
A contract into which parties enter, but where one or both of the parties can choose not to perform their contractual obligations, is said to involve ________ promises.
Q:
A(n) ________ is a response by an offeree that contains terms and conditions different from, or in addition to, those of the offer.
Q:
Under the mailbox rule, an acceptance is effective when ________.
Q:
A contract is said to be ________ where one or both parties has the option to void the contractual obligations.
Q:
A(n) ________ is an equitable doctrine whereby a court may award monetary damages to a plaintiff for providing work or services to a defendant even though no actual contract existed.
Q:
An offeror can ________ an offer by withdrawing an offer prior to its acceptance.
Q:
A(n) ________ contract is a contract entered into by a way of exchange of promises of the parties, a "promise for a promise."
Q:
A contract where agreement between parties has been inferred from their conduct is referred to as a(n) ________ contract.
Q:
A(n) ________ contract is only valid once the offeree performs the requested act.
Q:
A(n) ________ contract is a contract that has not been fully performed by either or both sides.
Q:
What are the possible problems that can come up in a unilateral contract?
Q:
Compare valid, void, voidable and unenforceable contracts.
Q:
Give an account of termination of offer due to lapse of time.
Q:
What is legal insanity?
Q:
What is UCITA? Explain its role.
Q:
A(n) ________ is a contractual provision that relieves one or both of the parties to a contract from tort liability.
A) contract of adhesion
B) exculpatory clause
C) duty of restitution
D) fundamental breach
Q:
A(n) ________ is a contract that courts refuse to enforce in part or at all because it is so oppressive or manifestly unfair as to be unjust.
A) unconscionable contract
B) contract of adhesion
C) contract in restraint of trade
D) quasi-contract
Q:
Which of the following elements has to be proved for a contract to be deemed unconscionable?
A) that the weaker party did not enter the contract under duress
B) that the parties had equal bargaining power
C) that the dominant party justly used its bargaining power
D) that the adhering party had no reasonable alternative
Q:
Explain the basic requirements that must be met for a contract to be enforceable.
Q:
Which of the following is true for a minor under the infancy doctrine?
A) A minor is bound to the adult's decisions in a contract between them.
B) A minor can disaffirm contracts he or she has entered into with adults.
C) A minor cannot enter into a legal contract with another minor.
D) A minor cannot choose to enforce a contract at his or her whim.
Q:
Which of the following is true of a contract with an adjudged insane person?
A) The adjudged insane person is bound by the terms of the contract.
B) The contract is void.
C) Only the competent party can enforce the contract.
D) The competent party is legally obligated to uphold the contract.
Q:
Which of the following is true of a contract where one of the parties is insane but not adjudged insane?
A) The contract is voidable by the competent party.
B) The contract is only voidable by the insane person.
C) Only the court appointed legal guardian to the insane person can modify contracts.
D) The non-insane person must be placed in status quo if the insane person voids the contract.
Q:
The ________ states that an acceptance is effective when it is dispatched, even if it is lost in transmission.
A) rule of silence as acceptance
B) mirror image rule
C) mailbox rule
D) mutual assent rule
Q:
A contract is said to have legal value if ________.
A) both the promisor and the promisee receive a legal benefit
B) the promisor suffers a legal detriment
C) the promisee suffers a legal detriment
D) the promisee receives a legal benefit
Q:
Which of the following is true of a gift promise?
A) A gift promise can be enforced in a court of law.
B) A completed gift promise cannot be cancelled for lack of consideration.
C) A gift promise contains considerations.
D) The promisee can take legal action if the promisor does not uphold the promise.
Q:
Why does an illusory contract lack consideration?
A) because the consideration promised is unlawful and therefore void
B) because the person promises to perform an act or do something he is already under an obligation to do
C) because one or both parties can choose not to perform their contractual obligations
D) because the compensation paid is for work done in the past
Q:
What is the significance of the age of majority in relation to legal contracts?
A) People below the age of majority can directly enter into lawful contracts.
B) Mentally incompetent persons need to achieve the age of majority in order to enter into a legal contract.
C) It is the age above which people of capacity can enter into a legal contract.
D) Minors who have entered the age of majority require his or her parents or guardian's consent to enter into a legal contract with adults.
Q:
The ________ states that the intent to contract is judged by the reasonable person standard and not by the subjective intent of the parties.
A) objective theory of contracts
B) common law of contracts
C) Restatement of the Law of Contracts
D) Restatement (Second) of Contracts
Q:
According to the objective theory of contracts, the intent to enter into an express or implied-in-fact contract is judged by the ________.
A) doctrine of equity
B) legality of the contract
C) reasonable person standard
D) common law of contracts
Q:
Which of the following is true for an auction with reserve?
A) The seller retains the right to refuse the highest bidder.
B) Invitations to make an offer are not allowed.
C) Goods cannot be withdrawn from sale after the offer has been made.
D) A bid once made cannot be withdrawn and is legally binding.
Q:
Which of the following is true for an auction without reserve?
A) The bidder is considered the offeror.
B) The seller need not accept the highest bid.
C) The goods on sale cannot be withdrawn.
D) The auctioneer is not allowed to set a minimum bid.
Q:
Which of the following statements is true about a counteroffer?
A) An offeree that makes the counteroffer is still considered the offeree.
B) A counteroffer terminates the existing offer.
C) A counteroffer can only be made by the offeror.
D) A counteroffer need not be communicated to the offeror.
Q:
Which of the following is true of an option contract?
A) If the offeree chooses not to buy the property then money paid in consideration must be returned.
B) If money is paid as consideration, then that is not applied to the sale price.
C) Death or incompetency of either party terminates an option contract.
D) The offer cannot be revoke during the option period.
Q:
Kyle goes to a used-car showroom to buy a sedan. He signs an agreement with the store which bears the name of the car, price, and other details. This is an example of a(n) ________ contract.
A) express
B) unilateral
C) implied-in-law
D) implied-in-fact
Q:
Which of these is an instance of a quasi-contract?
A) an employee receiving his or her paycheck every month
B) two companies signing a business agreement that spans an undefined duration
C) an unconscious man being nursed by a hospital, having been brought in by a passer-by
D) a woman hiring a caterer only after the caterer promises to deliver the food on time
Q:
A trademark that becomes a common term for a product line or type of service is called a(n) ________.
Q:
________ is a type of trademark dilution where a party uses another party's famous mark to designate a product or service in another market so that the unique significance of the famous mark is weakened.
Q:
A mark that indicates that a person has met the standards set by an organization and is a member of that organization is known as a(n) ________ mark.
Q:
A(n) ________ mark confirms that a seller of a product or service has met certain geographical location requirements, quality standards, material standards, or mode of manufacturing standards established by the owner of the mark.
Q:
Stella is injured in a motor accident and is brought to the hospital by a passerby. Stella subsequently passes into a coma. The doctors and other staff perform the necessary medical procedures to save her life. Stella comes out of her coma after two months and is released from the hospital after the doctors are satisfied by her recovery. Under the doctrine of ________ contract, Stella has to pay the hospital for its services.
A) implied-in-fact contract
B) express contract
C) quasi-contract
D) formal contract
Q:
A(n) ________ is a patent that protects the functionality of a patent.
Q:
The ________ doctrine allows for certain limited unauthorized use of copyrighted materials.
Q:
In 1997, Congress enacted the ________ Act, a federal statute that criminalizes certain copyright infringement.
Q:
In 1946, Congress enacted the ________ Act to provide federal protection to trademarks, service marks, and other marks.
Q:
A(n) ________ is a distinctive mark, symbol, name, word, motto, or device that identifies the goods of a particular business.
Q:
Give an account of trademark dilution.
Q:
Congress enacted the federal ________, which makes it a federal crime to steal another's trade secrets.
Q:
Applications for patents must be filed with the ________.
Q:
The ________ is a special federal appeals court that hears appeals from the Board of Patent Appeals and Interferences of the U.S. Patent and Trademark Office and federal courts concerning patent issues.
Q:
Explain what a generic name is with reference to trademarks.
Q:
________ is a type of trademark dilution where a famous mark is linked to products of inferior quality or is portrayed in an unflattering, immoral, or reprehensible context likely to evoke negative beliefs about the mark's owner.
A) Tarnishment
B) Blurring
C) Astroturfing
D) Trolling
Q:
Give an account of the Economic Espionage Act and its importance in combating cyber piracy.
Q:
What is a provisional patent application?
Q:
John Crichton had applied for a trademark logo at the U.S. Patent and Trademark Office for his new startup company, stating that he would use the logo in commerce within the next six months. But even after six months he had not yet used the logo. Which of the following recourses does trademark law allow John Crichton so that he can retain his logo till he uses it in commerce?
A) Pay a fine so that the trademark gets registered immediately.
B) Change the logo slightly, and reapply for the newly altered logo.
C) Cancel the current application and apply for the same logo again.
D) Apply for a six-month extension for the logo.
Q:
What is acquiring secondary meaning in trademark terms?
A) when a mark that resembles a mark already registered with the federal PTO is used for a new product or service
B) when ordinary words establish new meaning due to its attachment to a product or service
C) when a distinctive mark or design is created for a new product or service
D) when descriptive words are used that have no direct relevance to a product or service
Q:
A ________ is a term for a mark that has become a common term for a product line or type of service and therefore has lost its trademark protection.
A) private brand
B) service mark
C) orphan work
D) generic name
Q:
How is a copyright different from a patent?A) Patents fall under the federal law, while copyrights fall under state law.B) Copyrights should be novel, and useful, while patents need not be so.C) Copyrights are applied for inventions, while a patent is applied for tangible writings.D) Patents have a limited term period, while copyrights carry lifelong terms.
Q:
________ is any trade name, symbol, word, logo, design, or device used to identify and distinguish goods of a manufacturer or seller or services of a provider from those of other manufacturers, sellers, or providers.
A) Trade secret
B) Patent
C) Trademark
D) Copyright
Q:
Which of the following would constitute a copyright infringement?A) using several clips from a movie in a documentaryB) a brief quotation in a news reportC) use of copyrighted material in a spoof or satireD) reproduction by a teacher or student of a small part of the work to illustrate a lesson
Q:
________ is a legal right that gives the author of qualifying subject matter, and who meets other requirements established by law, the exclusive right to publish, produce, sell, license, and distribute the work.
A) Patent
B) Copyright
C) Trademark
D) Trade secret
Q:
Which of the following is suitable for copyrighting?A) buildingsB) business methodsC) musical compositionsD) product logos
Q:
Which of the following statements is true of patenting a scientific principle?
A) Patent for a scientific principle has to be applied for directly at the U.S. Court of Appeals for the Federal Circuit.
B) A scientific principle can only be patented once a universal consensus has been reached on its validity.
C) Patent for a scientific principle has to be applied for at the U.S. Patent and Trademark Office.
D) A scientific principle can only be patented if it is a part of the tangible environment.
Q:
According to the public use doctrine for patents, ________.
A) the inventor has to test his invention in the public domain, to measure its validity, before being granted a patent
B) an invention cannot be used in the public domain prior to it being granted a patent
C) a patent will not be granted if the invention was already in public use for one year before filing application
D) the invention will come into the public domain once its term period has expired