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Q:
Article 2 of the UCC does NOT apply to a sale of:
A. baseball bats.
B. harvested wheat.
C. corporate stock.
D. a new car.
Q:
Alana, who runs a flower shop, sells Jose a shotgun. Jose is unemployed, and Alana has never before sold a firearm in her life. Which of the following is true?
A. Article 2 of the UCC applies because Alana is a merchant.
B. Article 2 of the UCC applies because a shotgun is a movable thing.
C. Article 2 of the UCC does not apply because Alana is not a merchant with respect to shotguns.
D. Article 2 of the UCC does not apply because Jose is not a merchant.
Q:
What type of transactions are governed by the Uniform Commercial Code?
A. Contracts for the sale of goods.
B. Contracts for services.
C. Contracts for the sale of land.
D. Any commercial contract, whether for goods, services, or land.
Q:
Dawson entered into a contract with Jensen for the sale of Dawson's boat. Which set of legal rules governs this transaction?
A. Contract rules of the common law
B. Contract rules of the Uniform Commercial Code
C. Equity rules that ensure fairness in transactions
D. Marine law
Q:
Mr. Green enters into a contract with Mr. Blue who is a crab fisherman. Mr. Green and Mr. Blue know that Mr. Blue has already caught the number of crabs allowed for the season. But Mr. Green and Mr. Blue agree to a contract to exceed the quota. What is the status of the contract between Mr. Green and Mr. Blue?
A. The contract is voidable, and is enforceable till Mr. Blue cancels it
B. The contract is void since it attempts to contract for services that are illegal
C. The contract is valid and enforceable
D. The contract will be valid if registered with the Secretary of State
Q:
Which is the only state to have adopted the Uniform Commercial Code (UCC) only partially?
A. Arizona
B. Connecticut
C. Louisiana
D. Wisconsin
Q:
Greg signed a contract to work as an auto-parts manager for Jones Chevrolet. This contract is governed by:
A. Article 2 of the UCC.
B. state common law.
C. the doctrine of promissory estoppel.
D. the law of quasi-contract.
Q:
An executed contract is one that has been:
A. terminated by operation of law.
B. terminated by the parties' voluntary agreement.
C. fully performed by one or both parties.
D. fully performed by both parties.
Q:
A contract whose formation is induced by duress is an example of a contract that is:
A. void.
B. voidable.
C. unenforceable.
D. executory.
Q:
A void contract is:
A. a contract that one or both parties can cancel at their convenience.
B. a contract, even though the courts will not enforce it.
C. an agreement that creates no legal obligations.
D. created by operation of law rather than by the agreement of the parties.
Q:
Mr. White enters into a contract to sell a car to Joe Jr. who is 15 years old and is considered a minor in the state where he lives. What is the status of the contract that Mr. White and Joe Jr. entered into?
A. The contract is voidable, and is enforceable till Joe Jr. cancels it.
B. The contract is void and unenforceable.
C. The contract is enforceable and valid.
D. If the contract is registered with the Secretary of State's office it will become enforceable.
Q:
A contract is _____ when all of the parties have fully performed their contractual duties.
A. void
B. executed
C. contingent
D. ineffective
Q:
A contract in which the parties have not yet fully performed their obligations is called a(n):
A. executed contract.
B. executory contract.
C. quasi-contract.
D. bilateral contract.
Q:
An oral contract that is covered by the statute of frauds is:
A. voidable.
B. void.
C. unenforceable.
D. executory.
Q:
Aaron promises to sell his boat to Matt, and Matt promises to buy it from Aaron. What type of contract is this?
A. A unilateral contract
B. A quasi-contract
C. A bilateral contract
D. A promissory estoppel contract
Q:
A contract in which one or more of the parties have the legal right to cancel their obligations under the contract is called a(n):
A. void contract.
B. valid contract.
C. voidable contract.
D. unenforceable contract.
Q:
Which of the following contracts are agreements that create no legal obligations and for which no remedy is given?
A. Valid contracts
B. Unenforceable contracts
C. Void contracts
D. Voidable contracts
Q:
When the surrounding facts and circumstances indicate that an agreement has in fact been reached, a(n) _____ has been created.
A. implied contract
B. quasi-contract
C. void contract
D. unenforceable contract
Q:
Calvin tells Sara that he will sell her his car for $5,000. Sara agrees. The exchange is to take place in 10 days. The contract between Calvin and Sara is now:
A. unilateral, executory, and valid.
B. bilateral, executed, and voidable.
C. bilateral, executory, and express.
D. bilateral, executory, and implied.
Q:
Jimmy and Pat had a long-standing professional relationship. In 2001, Jimmy's business began experiencing financial strain. The two friends discussed Jimmy's personal problems and financial difficulties, and Pat was concerned about his friend's depressed mental state. In 2003, Pat flew from Atlanta to New York to meet Jimmy. Prior to Pat's flight, Jimmy's employee had faxed copies of various construction contracts and correspondence relating to Jimmy's controversial projects for Pat to review. In late 2005, Pat billed Jimmy for a $40,000 balance that Jimmy owed on the alleged oral contract. In a letter to Pat, Jimmy stated: "I have paid you plenty and will not pay you any more. I have not called for any professional advice since then." Pat filed suit against Jimmy for breach of contract. Will Pat succeed?
A. Yes, because Pat was offering his friend professional consultation.
B. Yes, because there is a valid contract formed, since Jimmy had sought Pat's advice.
C. No, because it was a friendly advice and not an actual contract.
D. No, because Pat never entered into an oral contract and only written contracts are enforceable.
Q:
Ann wants to download the Adobe Acrobat software from the Internet. Prior to downloading, a standardized online contract appears on the screen that requires her to click on an icon indicating agreement, before she can proceed in the program. Such contracts are called:
A. clickwrap contracts.
B. shrinkwrap contracts.
C. click-off contracts.
D. unenforceable contracts.
Q:
Contracts are typically between one party and who?
A. The federal government
B. The state government
C. Another private party
D. An international agency on commerce
Q:
Reggie went to the Napa Valley Harvest Festival, when he stopped at Tracy's booth where she was selling paintings of vineyards. Reggie admired a painting of vineyards, which did not appear to be for sale. Reggie said to Tracy, "I will give you $200 if you give me that painting right now." Tracy said nothing in response, but she gave Reggie the painting, and Reggie gave her $200 in cash. This is an example of a contract that is now:
A. bilateral and executed.
B. bilateral and executory.
C. unilateral and executed.
D. unilateral and executory.
Q:
An otherwise valid contract whose enforcement is barred by the applicable contract statute of limitations is an example of a(n):
A. voidable contract.
B. quasi-contract.
C. bilateral contract.
D. unenforceable contract.
Q:
Which of the following is NOT a basic element of a contract?
A. Offer
B. Consideration
C. Capacity
D. Goods
Q:
To qualify as a contract, a set of promises must be based on a voluntary agreement, which is made up of an offer and a(n) _____ of that offer.
A. understanding
B. writing
C. assumption
D. acceptance
Q:
A contract must be between parties who have _____ to contract.
A. knowledge
B. capacity
C. resources
D. intention
Q:
Speaking generally, a quasi-contract applies where there has been foreseeable reliance on an express promise.
Q:
Promissory estoppel protects reliance on a promise from one party to another.
Q:
Which of the following statements about standardized form contracts is false?
A. Frequently, the terms of standardized contracts are negotiable.
B. They are used both online and offline.
C. They are contracts that are preprinted by one party and presented to the other party for signing.
D. In most situations, the party who drafts and presents the standardized contract is the party who has the most bargaining power in the transaction.
Q:
The rules promulgated by the Restatement (Second) of Contracts often resemble the rules created by Article 2 of the UCC.
Q:
Article 2 of the UCC never applies to mixed goods-services contracts; instead, it treats them as pure service contracts.
Q:
The UCC imposes a duty of good faith on the performance and enforcement of every contract it covers.
Q:
CISG applies only to sale of goods and commercial parties.
Q:
Sometimes, Article 2 of the UCC holds merchants to standards different from the standards it applies to nonmerchants.
Q:
Pratt, owner of an appliance store, has a garage sale at his home where he sells old furniture and books. He sells a set of books to his neighbor, Stacey. Pratt is considered a merchant under Article 2 of the UCC in selling the books to Stacey.
Q:
A voidable contract creates no obligation and is not enforceable by any party.
Q:
If no Code rule applies to an issue regarding a sale of goods contract, the common law rules apply.
Q:
The Uniform Commercial Code sufficiently addresses the concerns that parties have when contracts are made to create or distribute information.
Q:
Not every promise is legal enforceable.
Q:
When contracting, one party is entering into an agreement with the federal government to enforce behavior on another party.
Q:
Ms. White hired Mr. Blue to steal from Ms. Yellow. Ms. White is upset with how everything turned out and wants to sue Mr. Blue for breach of contract. But the court will refuse to recognize the contract and subsequently a breach of it because it is a contract for an illegal activity.
Q:
Abby promises to pay Brian $50 if he mows her lawn. Brian does not promise to mow Abby's lawn; however, later that day, Brian completely and satisfactorily does mow Abby's lawn. This is an example of a unilateral contract.
Q:
The mutual agreement necessary to create an express contract is evidenced by writing.
Q:
Alan and Ben have a contract. Alan has performed 100 percent and Ben has performed 50 percent of it. This contract is now executory.
Q:
Generally, the terms of a standardized contract are negotiable.
Q:
The essence of a contract is that it is a legally enforceable promise or set of promises.
Q:
Contracts must always be in writing to be enforceable.
Q:
In a case of intentional interference, a defendant generally escapes liability when his contract interference:
A. was guided by public interest.
B. was defamatory in nature.
C. was regarding prospective competitive advantage.
D. was guided by a void bargain.
Q:
Which of the following characterizes section 43 (a) of the Lanham Act?
A. It is a consumer remedy.
B. It addresses everything except advertisements.
C. It is available only to commercial parties.
D. It creates a state law of unfair practices.
Q:
What is the first-to-invent rule?
Q:
What is patent infringement?
Q:
Discuss one criticism of the first-to-file policy.
Q:
In case of conflict of ownership between employee and employer over a trade secret, the employer is normally held to be the owner when:
A. the employee agreed to divulge or use trade secrets.
B. other employees had no contribution in the work.
C. the employee was hired to do work related to it.
D. the employee was not given adequate compensation for the work.
Q:
Which of the following is also termed slander of title or a trade libel?
A. Defamation
B. Injurious falsehood
D. Plagiarism
Injurious falsehood also goes by names such as product disparagement, slander of title, and trade libel. This tort involves the publication of false statements that disparage another's business, property, or title to property, and thus harm her economic interests.
Q:
The _____ that the plaintiff is required to prove are his usualand typically his onlyremedy in injurious falsehood cases.
A. special damages
B. statutory damages
C. compensatory damages
D. punitive damages
Q:
Which of the following is true of an injurious falsehood case?
A. It is the same as a tort of defamation.
B. The degree of fault required for liability is unclear.
C. Damages for emotional distress are not recoverable.
D. There is liability for false statements made in good faith.
Q:
In a lawsuit for intentional interference with contractual relations, the existing contract includes:
A. void bargains
B. illegal contracts
C. contracts to marry
D. unenforceable contracts
Q:
In order to qualify as a trade secret, it must:
A. be developed through research.
B. be known to the general public.
C. be the work of a company.
D. possess sufficient value or originality.
Q:
A firm claiming a trade secret must show that it:
A. took measures to ensure secrecy.
B. gave adequate compensation for the work.
C. has a license to produce the product.
D. has enough research to back the product.
Q:
Susan was hired by Teddy & Co. as a sales woman. However, the management on seeing her intelligence and capabilities allowed her to use the office library and research facility to create an inventive product. Susan now wants to patent the product in her own name. This is not permissible under the:
A. doctrine of equivalents.
B. respondeat superior doctrine.
C. shop right doctrine.
D. doctrine of assignment.
Q:
What is the main aim of commercial torts?
A. To enable product creation for commercial purposes
B. To provide immunity in cases of fraud
C. To maintain standards of commercial morality
D. To ensure smoother commercial negotiations
Q:
A trademark owner who wins an infringement suit may obtain a(n) _____ against uses of the mark that are likely to cause confusion.
A. license
B. assignment
C. injunction
D. writ
Q:
Which of the following sometimes serves as an alternative to claims of trademark infringement?
A. Trademark abandonment
B. Trademark dilution
C. Trademark protection
D. Trademark disparagement
Q:
Which of the following permits a firm to register a trademark in all its signatory nations simultaneously by filing an application for registration in any signatory nation and was joined by the United States in 2003?
A. The Berne Convention
B. The Paris Convention for the Protection of Industrial Property
C. The Madrid Protocol
D. The Kyoto Protocol
Q:
A trade secret differs from a patent, in that, a trade secret:
A. grants a monopoly to the creator.
B. stimulates creative activity.
C. is guarded by the creator.
D. is nonpublic by definition.
Q:
Which of the following characterizes the transfer of trademark rights?
A. It is much easier than transferring patent interests.
B. They may only be assigned to another person.
C. They cannot be sold unless it involves a sale of goods.
D. An uncontrolled license is generally not advised.
Q:
A. counterfeit goods
B. Shanzai goods
C. black market goods
D. gray market goods
Q:
Most of the court's attention in trademark infringement cases is concerned with the:
A. dispute over profits made by the defendants.
B. likelihood of confusion over the trademark.
C. time period of the trademark rights.
D. generic nature of the disputed trademark.
Q:
A trademark is considered to be abandoned when:
A. the owner fails to use it.
B. it acquires a generic meaning.
C. it has been obtained by fraud.
D. it is suggestive or arbitrary.
Q:
A. Article I 8
B. Article I 15
C. Article 2 5
D. Article 3 1
Q:
A. A business owner attempting to make money off the materials
B. A news organization transmitting information to the public
C. A consumer attempting to avoid paying for the materials
D. An author who copies the materials to make money without permission
Q:
Which type of marks is most likely to be registered for trademark protection?
A. Suggestive
B. Arbitrary
C. Descriptive
D. Generic
Q:
Which of the following characterizes a trademark?
A. It includes generic terms.
B. It is easier to transfer trademark rights compared to patent rights.
C. Federal registration of a trademark lasts for 10 years.
D. Descriptive marks are protected on the basis of their primary meaning.
Q:
Which of the following kinds of marks are denied placement on the Principal Register?
A. Those which are geographically descriptive
B. Those containing fanciful names
C. Those consisting of surnames
D. Those consisting of government insignia
Q:
A. Only the owner's actual damages
B. Only the attributable profits by the infringer
C. Owner's actual damages and the attributable profits of the infringer
D. Punitive damages
Q:
A. Punitive damages
B. Liquidated damages
C. Special damages
D. Statutory damages
Q:
Any word, name, symbol, device, or combination thereof used by a manufacturer or seller to identify its products and distinguish them from the products of competitors is called a:
trademark.
C. signature.
D. patent.
A trademark is a symbol, name, or device used by a company to distinguish their products from others in the market.
Q:
A. Oral transfers are valid and recognized.
B. Ownership can be retained while licensing part of the work.
C. It leads to a transfer of ownership for that period of time.
D. It allows everything except the performance of the work.
Q:
A. The physical arrangement and ordering of pieces of factual information on pages in a reference book.
B. The melody of a song.
C. The dialogue spoken by actors in a TV commercial.
D. The theme of a short story.