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· Read the scenario and determine what needs to take place based on the resolutions described in the text.
Penn contracts with Lisa to do a landscape architecture project on Lisa’s property. Before the contract starts, a local city ordinance is instituted which severely limits citizens’ ability to plant certain types and numbers of plants in order to conserve water. Penn and Lisa now need to institute a(n) __________.
| NovationForce majeure renovationAccord and satisfactionSubstitution |
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· Demonstrate your knowledge of the different types of remedy for breached contracts by filling in the blank.
__________ damages are those which cover future losses which are likely to result from one party’s insufficient performance.
| NominalConsequentialCompensatoryPunitive |
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5 / 5 (100.0%)
· Yolanda and Mack are negotiating a contract deal for sale of goods. Yolanda offers Mack $2 per pound for Mack’s peanuts. Mack wants to sell them for $2.50. Under UCC, what happens when Mack asks for the higher amount, assuming both parties are merchants?
| Mack cannot make a new offer under UCC – he can only accept or reject Yolanda’s standing offer.Mack’s offer becomes a counteroffer in this transaction, and Yolanda is the offeree.Mack’s offer negates the terms of the contract, and a new contract must be drawn up when both parties can meet.Mack’s change of terms is incorporated into the standing deal. |
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UCC automatically incorporates new terms into offers unless they “substantially alter” the offer.
· Which of the following would not qualify as valid consideration?
| Laura buys $100 worth of clothes from Martha on credit.Bill rents an apartment from his landlord.Marcy pays Jim a dollar for every bag of tin cans he picks up for recycling.Spencer and Linda sign a contract where Linda buys all her lumber from Spencer and Spencer sells as much lumber to Linda each week as he wants. |
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Linda’s consideration is her guarantee to buy only from Spencer. Spencer is not offering consideration since, under the terms of the agreement, he never has to sell if he doesn’t want to.
· Demonstrate your knowledge of the different types of remedy for breached contracts by filling in the blank.
When a breach of contract results in no tangible harm to a non-breaching party, it can receive __________ damages from the breaching party.
| PunitiveCompensatoryConsequentialNominal |
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5 / 5 (100.0%)
· For the scenario, determine if the party is guilty and what is “at play” related to agreement between parties.
Tyson gets his employees to sign an employment agreement which has extra contract obligations hidden in small, almost invisible type.
| Not GuiltyGuilty – Fraud in the executionGuilty – Undue influenceGuilty – Duress |
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5 / 5 (100.0%)
· For the scenario, determine if the party is guilty and what is “at play” related to agreement between parties.
Lucy agrees over the phone with Daryl to sell him “the pretty necklace in the window” in Lucy’s pawn shop. Lucy sends Daryl the wrong necklace from a different window.
| Guilty – Undue influenceNot GuiltyGuilty – DuressGuilty – Fraud in the execution |
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5 / 5 (100.0%)
· Hannah has a contract dispute with Ralph over a sale of goods. Hannah wants to submit the contracts she has made with her other customers as evidence of her fair dealings. Which of the following is true?
| Hannah’s other contracts are valid evidence to help explain her contract with Ralph.Hannah cannot use other contracts to explain the terms of her contract with Ralph unless they show a consistent industry or trade practice that is also consistent with Ralph’s contract.Hannah cannot use other contracts to explain the terms of her contract with Ralph.Hannah can use her other contracts to explain her contract with Ralph if they have already been completed. |
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This is the only reason outside evidence would be allowed to explain Hannah’s terms with Ralph.
· What is the most likely status of the contract for the scenario?
Jena is contracting with Brigham to purchase his car. Before the sale, a tree falls on Brigham’s car, ruining it. The contract is most likely:
| VoidVoidableEnforceable |
FEEDBACK
5 / 5 (100.0%)
· Based on the details of the scenario, determine what will most likely occur.
Melinda has a contract to pay 13% interest on a personal loan for 5 years. She decides the rate is unfair and files a complaint in court.
| Contract is validContract is voided, subject to investigationContract is voidedContract will be modified |
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5 / 5 (100.0%)
· Read the scenario and determine what needs to take place based on the resolutions described in the text.
Kyle has already contracted with Vick on a construction project. After some disagreement on materials, location, and deadlines, they decide that the original contract is no longer valid. Kyle and Vick now need a(n) __________.
| NovationSubstitutionAccord and satisfactionForce majeure renovation |
FEEDBACK
5 / 5 (100.0%)
· Based on the details of the scenario, determine what will most likely occur.
Jillian and Chase are making a contract in which Jillian ships beaver pelts to Chase, who then makes the pelts into hats to sell. A year into their contract, it becomes illegal to buy or sell beaver pelts in the U.S.
| Contract is validContract will be modifiedContract is voided, subject to investigationContract is voided |
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5 / 5 (100.0%)
· Read the scenario and determine what needs to take place based on the resolutions described in the text.
Sue has contracted with Rick to do a landscaping project on her property when she sells the whole property to Sylvia. Sylvia decides she will continue to have Rick do the landscaping project. The parties now need a(n) __________.
| SubstitutionNovationAccord and satisfactionForce majeure renovation |
FEEDBACK
5 / 5 (100.0%)
· Demonstrate your knowledge of the different types of remedy for breached contracts by filling in the blank.
A party can receive __________ damages to restore itself to the position it would have been in if a breach had not occurred.
| CompensatoryNominalPunitiveConsequential |
FEEDBACK
5 / 5 (100.0%)
· Match the status/existence of a contract with the scenario.
Larry posts on the internet that he is offering in-home interior design consultations and that interested customers should schedule an appointment and pay a consultation fee on his website. Brenda sends in a letter with a payment and a scheduled time for Larry to go to her house for a consultation. Which of the following is most likely true?
| Insufficient information to determineContract not createdContract created |
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· Tanner has too much work to do to fulfill his contract obligations to Fin. He tells his employee Lil to take care of his duties instead. Determine the status of each person.
| Tanner: Obligee; Lil: Delagatee; Fin: BeneficiaryTanner: Beneficiary; Lil: Delagatee; Fin: ObligeeTanner: Delagatee; Lil: Delegator; Fin: ObligeeTanner: Delegator; Lil: Delagatee; Fin: Obligee |
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· Determine the ownership status for the scenario below.
Phyllis offers property to a university on condition that the space is used for recreational use only. Ten years later, the university builds a math lab on the property. Phyllis does not repossess the property. Ownership of the property up to this point has been:
| Fee simple absoluteFee simple determinableIndeterminable with the given informationFee simple subject to a condition subsequent |
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2 / 2 (100.0%)
· Based on the scenario, what is the classification of the tenancy?
Darla moves into one of Bret’s spare rental units while Bret is away on vacation. Bret doesn’t even notice Darla’s presence until several months later. Darla’s tenancy is best classified as:
| Periodic tenancyTenancy at willTenancy for yearsTenancy at sufferance |
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2 / 2 (100.0%)
· Based on the scenario, what is the classification of the tenancy?
Lionel had a rental agreement with Kris for Kris to lease storefront space for 5 years. 5 years has passed, but Kris still uses the space and pays Lionel rent. Kris’s tenancy is best classified as:
| Tenancy for yearsTenancy at sufferancePeriodic tenancyTenancy at will |
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· Does the following pass the “test” of non-obviousness?
A machine that folds shirty perfectly.
| Does not pass testPasses test |
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2 / 2 (100.0%)
· Based on the scenario, what is the classification of the tenancy?
Alec pays Travis to rent office space for one year, after which he will move out. Alec’s tenancy is best described as:
| Tenancy for yearsTenancy at sufferancePeriodic tenancyTenancy at will |
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2 / 2 (100.0%)
· Which of the following shows the correct answer for examples of arbitrary trademarks?
| Target, a retail store: Non-Example; Band-aid, a bandage manufacture: Non-ExampleTarget, a retail store: Example; Band-aid, a bandage manufacture: Non-ExampleTarget, a retail store: Non-Example; Band-aid, a bandage manufacture: ExampleTarget, a retail store: Example; Band-aid, a bandage manufacture: Example |
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· Which of the following would most likely be considered fair use?
| Showing a clip of a new movie to draw audiences to come watch the movie in theatresCopying the blueprints for a stylish building to be used for building your own replica.Making photocopies of an artist’s canvas and selling themCopying a poem by an amateur poet and publishing it as your own in a poetry contest. |
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Showing a clip of a movie to bring people to the theatre would not erode the movie’s value or unfairly steal from the creators in the way selling, using, or publishing another’s work would.
· Does the following pass the “test” of non-obviousness?
A pencil with a pen on the opposite side.
| Passes testDoes not pass test |
FEEDBACK
2 / 2 (100.0%)
· Which of the following shows the correct answer for examples of fanciful trademarks?
| Adidas, a shoe company: Example; Staples, an office supply company: ExampleAdidas, a shoe company: Non-Example; Staples, an office supply company: Non-Example;Adidas, a shoe company: Example; Staples, an office supply company: Non-ExampleAdidas, a shoe company: Non-Example; Staples, an office supply company: Example |
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2 / 2 (100.0%)
· Does the following pass the “test” of novelty?
A design for a chair that folds.
| Passes testDoes not pass test |
FEEDBACK
2 / 2 (100.0%)
· Does the following pass the “test” of utility?
A prototype for a drone that can dig soil.
| Passes testDoes not pass test |
FEEDBACK
2 / 2 (100.0%)
· Determine the ownership status for the scenario below.
Victoria has been paying a mortgage on her property for the past 30 years. When Victoria pays the last payment on her mortgage, her ownership interest in the property will be:
| Fee simple determinableFee simple subject to a condition subsequentIndeterminable with the given informationFee simple absolute |
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2 / 2 (100.0%)
· Based on the scenario, what is the classification of the tenancy?
Winston pays a yearly fee to Barbara to rent stall space for his horse at the fairgrounds. Winston’s tenancy is best classified as:
| Tenancy at willTenancy at sufferancePeriodic tenancyTenancy for years |
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2 / 2 (100.0%)
· Determine the type of property involved for each example.
Kory’s notebook falls out of his backpack on the way to class. His property is picked up by Harry. Kory’s notebook is:
| Abandoned PropertyMislaid PropertyGift or Inheritance |
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· Examine the following scenario to determine which of the statements below is true concerning trade secrets.
Jake’s company uses a unique ergonomics and organization system to help employees work more efficiently. The company wants Jake to sign a nondisclosure agreement not to expose the system.
| The employee may be subject to fines if he were to reveal the trade secret.The answer is dependent on additional details not provided.The employee may use the trade secret at another company as long as he does not reveal it to others.The employee may share the trade secret with others outside the company.No trade secret exists in this scenario. |
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2 / 2 (100.0%)