Missed Questions

Trucking LLC enters into a contract to deliver a certain quantity of potatoes to United Foods's refrigerated warehouse in exchange for a specified payment. Trucking delivers the spuds to the location. United's duty to pay is

Absolute

Auto Sales & Finance wants to get paid for its goods and services, so it will not sell goods or lend funds unless payment is guaranteed. To obtain those goods or services, a customer or borrower might pledge

Collateral: something pledged as security for repayment of a loan, to be forfeited in the event of a default.

A landlord can avoid liability for injuries that occur on rental property by including an exculpatory clause in the lease.

FALSE

One of the requirements of a valid contract is an adequate market for the deal's goods or services. T/F

FALSE

Ordinarily, every party to a contract has a duty to come forward and disclose facts.

FALSE

T/F To initiate a foreclosure, a lender must pay the full amount of the debt, plus any costs that have accrued.

FALSE

The offeror's intention to become bound by the offer must be subjectively clear.

FALSE

Posting an item for sale on an online auction site is an offer to form a contract.

FALSE- since it is an auction site there are no definite terms

A contract provision that deprives one party of the benefits of the agreement may seem unfair but a court is not likely to consider it unconscionable.

False

Any party who gives information to the Federal Trade Commission concerning possible deceptive conduct in a foreign jurisdiction is immune from liability. T/F

False

Before a variance to a zoning restriction is granted, there must be a public hearing with adequate notice to neighbors who may object to the variance. T/F

False

Debts that remain after a liquidation are not discharged, and the debtor retains his or her obligation to pay them.

False

T/F A covenant not to compete that is imposed as part of a sale of an ongoing business will be enforced even if the restraints are unreasonable.

False

T/F An offer made in undue excitement is an effective offer.

False

T/F Anyone can circumvent encryption software or other technological antipiracy protection without penalty.

False

T/F On a delegation of contract duties, the delegator is absolved from any liability for performance under the contract.

False

T/F The covenant of quiet enjoyment guarantees that a buyer of real property will not disturb the land or any of its neighbors.

False

Open Range agrees to sell Pinewood Ranch a remote parcel of land for $15,000. Both parties believe the land to be worthless, but beneath it is shale rock containing oil. A court would

Not rescent the contract

Any debtor who is eligible for bankruptcy relief under Chapter 7 is eligible under Chapter 11. T/F

TRUE

A private restriction on the use of real property does not "run with the land" unless it is in writing and subsequent owners have reason to know of it.

True

By supplying procedures for enforcing private agreements, contract law provides an essential condition for the existence of a market economy.- T/F

True

Downloading music into a computer's random access memory, or RAM, without authorization is copyright infringement. T/F

True

Every state allows a defaulting borrower to redeem the property before the foreclosure sale. T/F

True

Federal guidelines allow a company to disclose material information about itself through social media as long as investors are notified in advance. T/F

True

Misrepresentation of law does not ordinarily entitle a party to avoid a contract. T/F

True

On the breach of a contract for a sale of land when the seller has sold the property to someone else, an award of specific performance is unavailable.

True

T/F An Internet service provider can disclose personal information about its customers only when ordered to do so by a court.

True

T/F Any payment of the principal obligation by the debtor will discharge the surety or the guarantor from the obligation.

True

T/F On an architect's breach of contract after payment for the work, the owner can immediately hire a new architect and obtain restitution of the payment.

True

T/F Once performance has been tendered, the party making the tender has done everything possible to carry out the terms of the contract.

True

T/F The contracts entered into by a minor are voidable at the option of that minor.

True

Richard owns Scholars Apartment House. His ownership rights include the right to sell or give away the property without restriction, as well as to use the property for whatever purpose he sees fit. His ownership interest is

a fee simple

A voluntary petition in bankruptcy must include

a list of the debtor's creditors and the amount of the debt owed to each.

Because the homestead exemption interacts with other areas of the law that relate to creditors' rights and remedies, it can sometimes operate to cancel out...

a portion of a lien on a debtor's real property.

Pastries Inc. sends Rollo its catalogue showcasing a variety of baked goods for certain prices. This is

an add not an offer!!!

Lon says to Misty, "I would like to sell you my sofa." This statement is

an invitation to negotiate, not an offer

To buy a townhouse, Becky obtains a mortgage loan from Countywide Bank. The lender should record the mortgage to

be officially on record as holding an interest in the property.

Equipment Company holds a lien on Fertile Farm's equipment. The equipment can be sold to satisfy the debt if...

before the sale, notice is given to Fertile Farm.`

Outsourcing Inc. registers a domain name that is the same as the trademark of Resourcing LLC and offers to sell the name to the mark's owner. This is

cybersquatting

Dom enters into a contract to buy Ezra's office building for a certain price subject to an appraiser's evaluation of the structure's condition. If the appraiser deems the condition to be substandard, the parties' obligations will be

discharged substandard = below the standard!

Bach borrows funds from City Bank to pay his tuition. Dvorak co-signs the credit application. After the loan agreement is signed, Bach agrees to a higher rate of interest without telling Dvorak, who is thereby

discharged from the aggreement

Any contract involving consumer goods must be in writing to be enforceable. T/F

false

A statute of limitations limits the amount of damages that the nonbreaching party can obtain for a breach.

false - it is the time not the damages!!

Hometown Bank posts on its website an offer of a reward for information leading to the apprehension of a certain criminal. This offer could normally be terminated by

post on the website. payment of the reward. apprehension of the criminal.

T/F The distinction between "seller's talk" and facts allows sellers to tout their products and services, thereby creating potential liability for fraud.

False

T/F The owner of a life estate has the same rights as a fee simple owner, including the right to sell the property or pass it to his or heirs.

False

T/F To be a fixture, an item of personal property must be physically attached to the land in some way.

False

The primary purpose of the Uniform Electronic Transactions Act is to create new rules for electronic contracts. -T/F

False The Uniform Electronic Transactions Act (UETA) establishes the legal equivalence of electronic records and signatures with paper writings and manually-signed signatures, removing barriers to electronic commerce.

T/F When a joint tenant dies, his or her interest in the property passes to his or her chosen heirs.

False, it is automatically passed onto the other tenance

Bob owns twenty acres of land on the side of a mountain in Colorado. He files a suit against the Durango Flight School, claiming that its planes flying over his land violate his property rights. To succeed, his best argument is

The planes are low and frequent, interefering with the enjoyment of his land

T/F Under a construction contract that is conditioned on the builder meeting certain specifications, complete performance is required to avoid material breach.

True

The lack of a license in certain occupations bars the enforcement of work-related contracts. T/F

True

The owner of real property has relatively exclusive rights to the airspace above the land. T/F

True

When a lapse of time and a change in circumstances make it substantially more burdensome for the parties to perform, a contract is discharged. -T/F

True

When a seller breaches a contract for a sale of goods, knowing the buyer plans to resell the goods, the buyer can recover the lost profits from the planned resale.

True

With a tenancy at will, either party can terminate the tenancy without notice. T/F

True

T/F In both a tenancy in common, and a joint tenancy, each co-owner owns an undivided interest in the property.

True Un-divided interesest: An ownership right to use and possession of a property that is shared among co-owners, with no one co-owner having exclusive rights to any portion of the property

Because a mortgage involves the transfer of real property, to comply with the Statute of Frauds, it must be

Written!!!!

Can digital sampling constitute copyright infringement?

Yes

Does a tenance contract have to be in writing?

Yes

Restaurant Food Inc. intends to sell a certain quantity of beef for $1,100. In e-mail, however, the firm's sales representative mistakenly offers to sell the beef to Steak House for $1,000, Steak's manager immediately accepts. The seller

is bound to the deal at the offered price

Kim and Leola own a warehouse in which they operate Mini-Storage Corporation. On the death of either owner, that owner's interest in the warehouse passes to the surviving owner. This is

joint tenancy

Mix Restaurant Corporation owns the trademark "Mix." Remix Café Company begins to use the mark without authorization as a domain name. Mix files a suit against Remix on a theory of trademark dilution. This claim requires proof that

none of the choices. , Not Selected Mix has registered all variations of the name "Mix." , Not Selected the products involved are similar. , Not Selected Incorrect answer: consumers are likely to be confused by the names. Correct Answer:none of the choices.

With the respect to spam, 37 states...

prohibit or regulate it

Shep offers to make digital copies of Reliable Company's business conference videotapes, CDs, DVDs, and other media for $500. Under the mailbox rule, Reliable's acceptance by e-mail will be considered effective when

sent

Restoration Inc. enters into a contract to refurbish an old bus depot for Quality Diners LLC. If Restoration completes most of the work promised in the contract, its performance will be

substantial --> good enough to complete the contract

Sound Financials Corporation sends daily e-mail ads to its previous customers and those who have opted to receive the notices. The state in which the company is physically located has enacted an antispam law. Under federal law

the application of the state's law to Sound's ads is preempted.

Khe says, "I plan to sell my Apple stock." This is not an offer because

the statement of planning to do something in the future is not an offer

What is the purpose of the homestead exemption

to ensure debtor will retain some form of shelter lowers taxes of house, also for ppl age 65+

T/F Before a variance to a zoning restriction is granted, there must be a public hearing with adequate notice to neighbors who may object to the variance.

true

Owen owns a farm in Pennsylvania. Owen's brother Quentin owns the subsurface rights to the farm. Either brother can pass title to what he owns

without the others consent