1. What is the correct definition of assignee?
o A person accepting contract duties
o A person accepting contract rights
o A person making a contract assignment
o A person transferring contract duties
2. Which of the following contracts are not required to be in writing?
o A contract between Glinda and her mother for her to not marry her boyfriend Harry.
o A contract for labor intended to finish before one year
o A contract to lease property with a guaranty contract
o A contract to sell real estate, with $800 per month payments
3. Callie wants to work for an insurance firm. Before she is hired, the firm wants her to sign a non-compete agreement that she will not work for any other insurance firm in the state or any surrounding state for the next ten years. Which of the following is most likely true?
o This agreement is legal as long as Callie can find a job at least one year after she quits.
o This agreement is probably too excessive to be enforceable.
o This agreement is legal and enforceable.
o This agreement is illegal and punishable under usury laws.
4. Claire and Donny want to use a contract to enforce a business deal. Which of the following would most solidly enforce to terms of their agreement?
o An informal, implied contract
o An informal, express contract
o A formal, express contract
o A formal, implied contract
5. Stetzon, a merchant, makes an unconscionably unfair deal with another merchant, Cheri. Cheri wants to pursue a remedy when she discovers her disadvantage in the contract. What recourse does Cheri have under UCC?
o Cheri may rewrite the contract, to which Stetzon must comply.
o As a merchant, Cheri has no recourse.
o Cheri may have a court alter the contract.
o Cheri may wholly void the contract.
6. What are punitive damages?
o Damages awarded to cover a foreseeable loss
o Damages awarded to punish gross breaches of contract
o Damages awarded when non-breaching party sues a breaching party
o Damages awarded to return a non-breaching party to its former position
7. What is the correct definition of offeror?
o Offeror’s withdrawal
o Offeree’s refusal
o Person who receives an offer
o Person who sets the terms of an offer
8. What are compensatory damages?
o Damages awarded to cover a foreseeable loss
o Damages awarded to return a non-breaching party to its former position
o Damages awarded when non-breaching party sues a breaching party
o Damages awarded to punish gross breaches of contract
9. What is the definition of Fraud?
o An intentional misrepresentation of material fact
o A unilateral of bilateral misunderstanding of value or fact
o Pressure exerted on a person to force him or her to perform under serious threat
o Domination of another person so thoroughly as to remove free will
10. Which of the following would most likely qualify as substantial performance?
o Vivian is under contract to paint 10 paintings, but only finished 8 because she is offered a more lucrative contract from someone else.
o Leroy doesn’t finish his last 3 days of yard work under contract because his mother has a medical emergency.
o Lily contracts to paint house green, but decides to paint it blue instead.
o Out of spite, Wally stops performing work 10 days before his contract is finished.
11. Lou picks up a desktop mouse he finds lying on a desk at school. The next day Travis recognizes the mouse as the one he left behind the day before but tells Lou he “might as well have it.” The mouse is:
o A gift
o Abandoned property
o Mislaid property
o None of the above
12. Which of the following is a definition of novelty?
o An invention’s characteristic of advancing ideas or stepping forward
o How an invention works
o Usefulness of an invention
o Newness of an invention
13. Which of the following would most likely be considered fair use?
o Playing a newly-released movie at a free drive-in movie
o Selling copies of music CDs that you burned yourself.
o Replicating the choreography of a famous dancer for use in your own stage production
o Playing an actor’s short film in school and doing a speech review of the work.
14. Perry started a new company called Thixxix, along with a distinctive trademark mark meant to identify the company. Perry doesn’t bother to register the trademark. The year following the creation of his company, Perry sees a trademark logo for another company that looks just like the mark for Thixxix. Which of the following is true?
15. Torey broke into a competitor’s office to steal a trade secret. She is eventually caught. If she has gained from the use of the trade secret, which of the following is true?
o Torey must stop using the trade secret for her benefit.
o More than one response is correct.
o Torey must give the profits she has made to the competitor.
o Torey will pay her competitor for lost profits.
16. BooneTech has a superior instrumentation system for doing work in its factory. It regularly offers tours so people can come and observe the special equipment. When a competitor begins to use similar equipment, BooneTech sues the competitor for utilizing a trade secret. Which of the following is true?
17. Which of the following is the correct definition of utility?
o Usefulness of an invention
o An invention’s characteristic of advancing ideas or stepping forward
o How an invention works
o Newness of an invention
18. Which of the following is the correct definition of non-obviousness?
o Newness of an invention
o Any process, machine, manufacture, or composition of matter
o Usefulness of an invention
o An invention’s characteristic of advancing ideas or stepping forward
19. Jerry wants to rent out living space to a tenant. He wants the benefit of steady rent payments and the ease of evicting the tenant when he feels it would be convenient. Jerry also wants to formalize the tenancy with a rental agreement so that his rights and privileges are explicitly accounted for and agreed to in writing. Which form of tenancy should Jerry use in renting out his space?
o Tenancy at sufferance
o More than one option is correct
o Tenancy at will
o Periodic tenancy
20. A __________ may have an infinite duration.
o Tenancy at will
o Tenancy at sufferance
o More than one option is correct
o Periodic tenancy
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