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LAW 531 Week 3 Quiz/Knowledge Check 100% Correct (Latest Updated Jan, 2015)
Description
- What is true about the acceptance of a contract?
- Which element of a contract requires something of legal value to be provided in exchange for a promise?
- Jason, a 16-year old boy, enters into a contract with a businessperson to work on a construction project. According to the contract, Jason has to work long hours but will get paid a minimal amount because of his age. Jason, though unfamiliar with contracts, knows that the contract is not fair to him. He decides to cancel it. What gives Jason the right to void the contract?
- What will most likely happen when there is a material breach by one of the parties in a contract?
- Venus LLC is a supplier for Synergy Corp. These companies have entered into a contract according to which, Venus will supply Synergy with a certain quantity of raw materials every month. In the month of May, Venus realizes that it cannot keep to the terms of the contract due to an unforeseeable worker strike. It informs Synergy of this delay much before the planned delivery date. What type of contract breach is illustrated in the scenario?
- Identify the type of damages that are awarded to a nonbreaching party when a breach of contract has occurred but has not resulted in any financial losses for the nonbreaching party.
- Identify the true statement about the legal protection of trade secrets.
- What type of subject matter can be patented according to the U.S. federal government?
- Caleb, a doctoral student, is sued by the author of a textbook for copyright infringement. The court rules that Caleb is not guilty since the content was used for the purpose of review in his research paper. In addition, he has written these paragraphs verbatim and placed them within quotes, citing appropriate references. What doctrine has the court most likely applied in this scenario?
- Identify the true statement about personal property.
- Sandra is having her home renovated. Despite the specifications she has given the contractors, they add a door to separate her kitchen from her living room. Since Sandra likes the look, she does not ask them to change it. She also does not pay them extra, since the door was added by them, mistakenly. Which of the following terms best explains why Sandra has a right to the added feature without paying for it?
- Identify the situation in which two goods that look similar are commingled by owners who share ownership of the goods based on the proportion of their contributions.
- What is true about real property, including land?
- Mary owns a piece of land and enjoys complete legal rights to the land, without any conditions or limitations. Her ownership does not end unless she transfers the land to a beneficiary. There are also no limitations on the inheritability of the land. Which type of freehold estate does Mary most likely own?
- Gabriella and Priya own a piece of property together. The ownership terms state that in case of the death of one of the owners, the surviving owner will automatically gain complete ownership of the property. What kind of concurrent ownership is illustrated in this scenario?
- What is the best description of mislaid property?
- Identify the true statement about the ownership of mislaid, abandoned, and lost property.
- Paulina purchased a rare and expensive gem when she was living in Mexico. Since then, she has relocated various times. Now, seven years later, Paulina cannot find the rare gem and does not know where she last saw it. After various attempts to find it, Paulina has decided not to look for the gem again. What will the rare gem most likely be categorized as in this scenario?