Reference no: EM13472106

1A(n) ________ is an agreement that is stated orally or in written words.

• quasi-contract
• implied-in-law contract
• implied-in-fact contract
• express contract

2Jenson 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

3Oral agreements may be legally enforceable contracts with the exception of some types of contracts specified in which law?

• Statute of Limitations
• Statute of Frauds
• Statute of Verbal Contracts
• Common Law Statute

4Which of the following examples is a bilateral contract?

• Bob paints Mary's house and Mary promises to pay Bob on Saturday.
• Mary pays Bob for painting her house.
• Mary promises to pay Bob if Bob promises to paint her house.
• Mary pays Bob for Bob's promise to paint her house on Saturday.

5Consideration, which is required in a contract, consists of which two elements?

• Legal value is appropriate and the value is paid.
• Money must be paid and funds received.
• Money must be received and a promise fulfilled
• Legal value must be given and there must be a bargained-for exchange

6What federal statute governs the legal use of electronic contracts?

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

7Which of the following is true when someone mistakenly makes an improvement to the personal property of another?

• 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 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 property owner gets to keep the improvement in all cases, but must pay the party who improved it the reasonable value of the improvement.

8In 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 lapse of time rule
• The mirror image rule
• The public law rule

9If 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
• Mediation
• Minitrial
• Discovery

10Apart 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
• 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