Which of the following would most likely qualify as substantial performance?

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Which of the following would most likely qualify as substantial performance?

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.

o   Vivian is under contract to paint 10 paintings, but only finished 8 because she is offered a more lucrative contract from someone else.

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What are compensatory damages?

o   Damages awarded when non-breaching party sues a breaching party

o   Damages awarded to return a non-breaching party to its former position

o   Damages awarded to punish gross breaches of contract

o   Damages awarded to cover a foreseeable loss

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What is the correct definition of offeror?

o   Person who sets the terms of an offer

o   Offeror’s withdrawal

o   Offeree’s refusal

o   Person who receives an offer

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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 illegal and punishable under usury laws.

o   This agreement is probably too excessive to be enforceable.

o   This agreement is legal and enforceable.

o   This agreement is legal as long as Callie can find a job at least one year after she quits.

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What is the correct definition of delegator?

o   A person transferring contract duties

o   A person accepting contract duties

o   A person making a contract assignment

o   A person accepting contract rights

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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, express contract

o   A formal, implied contract

o   A formal, express contract

o   An informal, implied contract

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Which of the following contracts are not required to be in writing?

o   A contract for labor intended to finish before one year

o   A contract to sell real estate, with $800 per month payments

o   A contract to lease property with a guaranty contract

o   A contract between Glinda and her mother for her to not marry her boyfriend Harry.

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What is the definition of undue influence?

o   Domination of another person so thoroughly as to remove free will

o   Pressure exerted on a person to force him or her to perform under serious threat

o   A unilateral of bilateral misunderstanding of value or fact

o   An intentional misrepresentation of material fact

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Which of the following would qualify as valid consideration?

o   Stu makes Lewis promise to give all his extra lunch money to Stu every day after school.

o   Candice gives out free samples in order to get more people to buy her ice cream.

o   George contracts with his mother that she will leave the good family silver to him when she passes away because he was the most helpful son.

o   Carlie contracts with her landlord to pay for rent by landscaping the property and cleaning and painting empty apartments.

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What is the definition of fraud?

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

o   An intentional misrepresentation of material fact

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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   Mislaid property

o   A gift

o   Abandoned property

o   None of the above

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Which of the following is a definition of novelty?

o   Usefulness of an invention

o   How an invention works

o   An invention’s characteristic of advancing ideas or stepping forward

o   Newness of an invention

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Which of the following would most likely be considered fair use?

o   Selling copies of music CDs that you burned yourself.

o   Playing a newly-released movie at a free drive-in movie

o   Playing an actor’s short film in school and doing a speech review of the work.

o   Replicating the choreography of a famous dancer for use in your own stage production

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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?

o   Perry has trademark protection, since his mark is in use and is distinctive.

o   More than one response is correct.

o   Perry has no trademark protection, since he did not register the trademark.

o   Perry would have had constructive trademark protection if he had registered his trademark for Thixxix.

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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 give the profits she has made to the competitor.

o   Torey will pay her competitor for lost profits.

o   Torey must stop using the trade secret for her benefit.

o   More than one response is correct.

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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?

o   As long as the system isn’t exactly the same down to the last detail, there isn’t enough proof to establish the competitor as using BooneTech’s system.

o   BooneTech can sue the competitor for any lost profits.

o   BooneTech cannot stop the competitor from using the system because it did not reasonably hide its trade secret.

o   The competitor may not use BooneTech’s system.

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Which of the following is the correct definition of utility?

o   Usefulness of an invention

o   Newness of an invention

o   How an invention works

o   An invention’s characteristic of advancing ideas or stepping forward

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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

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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   Periodic tenancy

o   More than one option is correct

o   Tenancy at will

o   Tenancy at sufferance

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A __________ may have an infinite duration.

o   More than one option is correct

o   Periodic tenancy

o   Tenancy at sufferance

o   Tenancy at will

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