Question 1

Agreement is usually evidenced by which two events?

Accepted Answer

An agreement is typically formed through the process of one party making an offer and the other party accepting that offer. This is a fundamental concept in contract law, where an offer by one party must be clearly accepted by the other to create a binding agreement.

Question 2

Failure of a party to a contract to perform the obligations assumed in the contract is called

Accepted Answer

Failure of a party to a contract to perform the obligations assumed in the contract is referred to as a breach of contract.

Question 3

Alfredia has a copyright on a book she wrote. Alfredia's patent is an example of which of the following?

Accepted Answer

Copyrights, like patents, are a form of intellectual property. They protect the creator's rights to their original works, such as books, music, and art.

Question 4

Kathleen and Julia exchange a promise for a promise. They have created which of the following?

Accepted Answer

Kathleen and Julia exchanging promises with each other is the essence of a bilateral contract, where both parties are bound by a mutual agreement to fulfill certain obligations.

Question 5

An assurance that one will or will not do something in the future is a(n)

Accepted Answer

A promise is a declaration or assurance that one will do something or that a particular thing will happen in the future.

Question 6

Jack and Jill exchange a promise for an act. They have created which of the following?

Accepted Answer

A unilateral contract is created when one party makes a promise in exchange for the other party's performance of an act.

Question 7

Matthew tells Jake that he will buy Jake's car for some money next month. Which of the following choices is correct?

Accepted Answer

There is no contract because there is no mutual agreement or consideration exchanged at this point; it's merely a promise to make an offer in the future.

Question 8

Simon has a patent on a new device he invented. Simon's patent is an example of which of the following?

Accepted Answer

A patent is a form of intellectual property that gives its owner the legal right to exclude others from making, using, or selling an invention for a limited period of years in exchange for publishing an enabling public disclosure of the invention.

Question 9

A breach of contract occurs when

Accepted Answer

A breach of contract specifically refers to a situation where one party fails to fulfill their obligations under the terms of the contract. This does not necessarily relate to the validity of the contract itself (A), the death of a party (B), or a court's actions to invalidate a contract (D).

Question 10

Mattie makes Alex an offer to sell Alex Mattie's car for $20,000. Alex can

Accepted Answer

Each option represents a valid response to an offer in contract law: acceptance, rejection, and counteroffer.

Question 11

A_______ is any agreement (based on a promise or an exchange of promises) that can be enforced in court.

Accepted Answer

A contract is defined as an agreement (based on a promise or an exchange of promises) that can be enforced in court, which is exactly what option C states.

Question 12

A bilateral contract involves which of the following?

Accepted Answer

A bilateral contract involves the exchange of a promise for a promise, where both parties are obligated to fulfill their promises to each other.

Question 13

Roger gets bucked off of his $20,000 horse. As he picks himself up off the ground, he yells, "I'll sell this worthless horse for $100!" Carrie hands Roger $100 and tries to take the horse. Roger will not sell her the horse for $100, so Carrie wants to sue him for breach of contract. An attorney would likely advise Carrie that

Accepted Answer

Roger's statement can be interpreted as a venting of frustration rather than a serious offer to sell his horse for $100. For a contract to be valid, there must be a serious offer and acceptance, among other elements. Roger's exaggerated statement, given the context and the significant disparity between the stated price and the horse's actual value, would likely be viewed by a court as not constituting a genuine offer to enter into a contract.

Question 14

The requirements for a valid contract are

Accepted Answer

The requirements for a valid contract include agreement (an offer and acceptance), consideration (something of value exchanged between the parties), capacity (the legal ability to enter into a contract), and legality (the contract's terms must be legal).

Question 15

For an offer to be effective, the offeror must

Accepted Answer

For an offer to be legally effective, the offeror must have the intent to be bound by the offer, indicating a willingness to enter into a contract upon acceptance. Age and financial independence are not legal requirements for making an effective offer.

Question 16

Which of the following statements is correct?

Accepted Answer

Paralegals frequently assist attorneys in matters related to contract and sales law, including research, document preparation, and case management. Their involvement is common due to the need for detailed legal support in these areas.

Question 17

A(n)_______ is a promise or commitment to do or refrain from doing some specified thing in the future.

Accepted Answer

The answer of A(n)_______ is a promise or commitment to...

Question 18

Most contracts are

Accepted Answer

Most contracts are bilateral, meaning they involve two parties each with obligations to fulfill. Unilateral contracts involve one party making a promise in exchange for an act, but are less common. Contracts are generally enforceable in court unless they lack essential elements or involve illegal activities, and they do not need to be signed by a judge to be legal.

Question 19

The keeping of promises is dealt with by ________law.

Accepted Answer

The keeping of promises is primarily dealt with by contract law, which governs the formation, performance, and enforcement of agreements between parties.

Question 20

Patents, trademarks, and copyrights are examples of which of the following?

Accepted Answer

Patents, trademarks, and copyrights are all forms of intellectual property, which legally protect creations of the mind, such as inventions, literary and artistic works, symbols, names, and images used in commerce.

Quiz 15: Contracts and Intellectual Property Law