Bus law exam 3

arbitrary and fanciful

"Apple" (computers) and "Exxon" (gasoline) are examples of what kind of trademark?

consequential damages

A California winery shipped its Rotgut Red wine to the House of Wines. The wine was improperly bottled, causing the wine to blow its corks and spew wine all over Wines' carpeting. In Wines' suit against the winery, the damages to the carpet will be considered:

One for whose breach contract law will provide a remedy

A binding promise may be defined as:

Consideration

A contract cannot be formed if ____ is lacking.

the surety

A guarantor is generally the same as:

Negotiable instrument

A(n) ____ functions as a substitute for cash.

Third-party beneficiary

A(n) ____ is a party who is not part of an original contract who acquires rights under the contract.

Exculpatory Agreements

A(n) ____ releases one party from the consequences brought about by wrongful acts or negligence.

definite

Acceptance of an offer must be unequivocal or ____.

without judicial process so long as it does not cause a breach of peace

According to the UCC, a creditor may repossess a product in which it has a security interest:

Restatement (2nd) of Contracts

An authoritative document that provides an orderly summary and presentation of the common law of contract is:

All: a. unconditional b. unequivocal c. properly communicated

An effective acceptance must be:

a clear intent by the offeror to become contractually bound

An effective offer includes which of the following:

must be communicated to the offeree before acceptance

An effective revocation:

specific performance

An example of an equitable remedy is:

ALL: a. creates a legal detriment to the promisee b. creates a legal benefit to the promisor c. creates both a legal detriment to the promisee and a legal benefit to the promisor

An exchange is consideration if it:

by the seller that its goods conform to certain quality, safety, performance or title standards

An express warranty may be generally defined as a statement:

a promise to do something or to refrain from doing some specific thing

An offer is:

Goods

Article 2 of the UCC covers the sale of:

Leases of personal property

Article 2A of the UCC, recently adopted by most states, expands the UCC to cover:

the final stage of the bankruptcy proceeding for individuals

Bankruptcy discharge is:

The Principal

Billy wants to borrow $10,000 to start a male belly dancing business. Creditors are not anxious to lend him the funds. Billy convinces Gary to back-up the credit he gets from a bank. On the loan, Billy is:

50%

Books and other written works make up about what percent of the copyrights issued each year:

the debtor's ability to pay

Capacity refers to:

an asset that you are willing to use to back up a loan

Collateral refers to:

neither party may enforce the promise

Consideration is defined as something of value or something bargained for in exchange for a promise. Normally, if consideration is absent:

Prevents it from being a gift

Consideration is the element of a contract that:

A load of wheat

Contracts under Article 2 of the UCC could include:

are not discharged

Debts of the bankrupt under Chapter 13:

collect from Hill because he failed to close the account properly

Hill owned a roofing business that had an account at Lowe's to buy supplies. He sold the business to his employees who had used the account. When he sold the business, he asked a person at Lowe's to close the account. The account documents stated that to close the account, Hill must contact Lowe's headquarters in writing, but he did not. His former employees ran up a bill on the account. Lowe's sued Hill for the balance due as the former employees were bankrupt. Most likely, the court would hold that Lowe's could:

the CISG

If a North Carolina firm contracts to buy toys from China, and the contract does not specify which law applies, in case of dispute, which law will apply:

a judgment lien

If a creditor is successful in a legal action against a debtor, the court will award the creditor:

the seller is obligated to return the difference

If a repossessed product is sold for more than what is owed by the debtor:

lapse of time

If the offeree does not accept the offer, after a reasonable length of time the offer may terminate through:

a material breach of the contract

If the performance promised by a party is clearly inferior to the requirements of the contract, there has been:

Deschamps had to make the full payment because his claims of reliance on verbal information were barred under the parol evidence rule

In Deschamps v. Treasure State Trailer Court, Ltd. where Deschamps was sued after he bought a mobile home trailer park and then stopped making payments on it because he claimed the seller told him the water system was in good condition when in fact it required $400,000 of repairs, the supreme court of Montana held that:

Clear Lakes was incorrect about trade usage regarding "market size" so Griffith had no an obligation to grow larger fish to be in compliance with the contract

In Griffith v. Clear Lakes Trout, Griffith grew trout for Clear Lakes; the parties got into a dispute over what were "market size" trout, as Clear Lakes wanted larger fish. The court held that:

Offer and Acceptance

In contract law, an agreement means that there is a mutual understanding between the parties as to the substance of the contract. This agreement between the parties is reached, in legal terms, through a process of:

the reasonable costs of inspecting, transporting, and caring for goods while in buyer's possession

In the event of a breach by the seller for shipping improper goods, and assuming the buyer correctly rejected the delivery of the goods, the buyer's incidental damages may include:

does not have to pay the reward⎯too much time has passed for there to be a contract

July 10, 2012, the following ad appeared in the newspaper: "Male Collie, age 2, lost near Highway 85 and Laurens Road, $250 reward. Call 654-1909." In July of 2014, someone returns the dog. The owner

fully adopted the Uniform Commercial Code (UCC) since its laws are heavily influenced by the French civil code.

Louisiana is the only state that has not:

the UCC

Negotiable instruments are governed by:

Dilution

Nike does not sell televisions, but suppose some company began to market televisions called Nike. That would be a violation of federal law concerning:

may not file for bankruptcy for another 8 years

Once Chapter 7 bankruptcy is finished, the debtor:

rejecting it

Once an offer has been made, the offeree can terminate the offer by:

Lanham Act

Private parties can obtain search-and-seizure orders to grab counterfeit goods under the:

Expectancy damages

Profits you reasonably would have earned had the other party to a contract not breached are called:

a plan for payment of creditors over five years

Someone who files for bankruptcy under Chapter 13 files:

public domain

Something that may be used, performed, or reproduced by anyone is said to be in the:

industry practice

Suppose a contract to buy chickens is under the CISG, but the contract does not state what the age of the chickens should be. In a dispute, the courts would look to:

revocation or rejection

Termination of the offer can occur through the action of the parties or by the operation of law. The parties can terminate the offer by:

Cover

The (higher) price paid by a buyer for substitute goods in the event of a breach by a seller is called:

does not contain a statute of frauds provision so that either oral or written contracts in international markets may be enforceable

The Convention on the International Sale of Goods (CISG):

Patent

The Federal Circuit Court of Appeals has primary responsibility for reviewing which kinds of cases:

All things which are moveable at the time of identification to the contract for sale

The UCC defines goods as:

Promote uniformity of the laws relating to commercial sales of goods

The Uniform Commercial Code (UCC) was designed to:

ALL: a. helps reduce the cost of getting broad patent protection b. protects intellectual property based on a recent treaty c. helps to standardize patent protection globally

The World Intellectual Property Organization:

homestead exemption

The ____ allows a debtor to retain the family home up to a specified amount free from creditors' claims.

Law of contracts

The ____ evolved in commerce over the centuries.

Consideration

The basic elements of a contract include agreement, lawful subject matter, legal capacity, consent, and:

promissory estoppel

The doctrine that prevents an injustice due to the promisee's reasonable reliance on the promisor's promise, even when no consideration exists, is:

the law of contracts

The freedom of contract is a hallmark of:

England

The law of negotiable instruments has it origins in:

Art. 9 of the UCC

The law regarding the kinds of credit that may be applied to personal property is:

ALL: it will explain the written instrument through previous trade usage, a written contract is incomplete, it will prove fraud, mistake or misrepresentation, a written contract is unclear

The parol evidence rule prohibits the introduction of oral evidence into a lawsuit where the evidence presented is contrary to the terms of a written contract. Parol evidence may be introduced when:

restitution

The remedy of ____ may be used to prevent unjust enrichment.

a contract is secondary in a business transaction

The traditional Japanese view is that:

Have given value for the negotiable instrument, taken it without knowledge of any defects and in good faith.

To be found a holder in due course, a transferee must:

appear to intend to create a binding obligation.

To make an offer, the offeror must:

depends if Tracy could show he was mentally incapacitated after a few beers, in which case he would not be held to the contract

Tracy drinks beer at a bar, then goes to a car dealer and orders a new car. Tracy later claims he was drunk and should not have to buy the car. This:

a draft drawn on a bank and payable on demand

Under Article 3 of the UCC, a check is:

Promissory estoppel

Under some circumstances, courts do not require consideration for a promise to be enforced. The doctrine used by the courts to bind a promisor is called detrimental reliance or:

are offers to enter into negotiations

Under the CISG, advertisements:

it reaches the offeree, but may be withdrawn if the withdrawal reaches the offeree first

Under the CISG, an offer becomes effective when:

reasonable costs of inspecting, transporting, and caring for goods while in the buyer's possession

Under the UCC, a buyer's damages are to put the buyer in as good a position as if the seller had performed the contract. The buyer is allowed to seek incidental damages for recovery of costs resulting from the breach. Incidental damages include:

"if the court finds the writing to have been intended also as a complete and exclusive statement of the terms of the agreement"

Under the UCC, parol evidence may not be used:

when creditors forgive all debt

Under the UCC, the seller's basic obligation includes being concerned with:

Economic Espionage Act

Under the ____ "whoever, with intent to convert a trade secret that is related to or included in a product that is produced for or placed in interstate or foreign commerce to the economic benefit of anyone other than the owner thereof, and intending or knowing that the offense will injure any owner of that trade secret" is subject to prosecution.

the first to use the name in a given area of business

Under the common law trade name protection belongs to:

anytime before acceptance

Under the common law, an offer can be revoked:

are automatically imposed on sellers unless they specifically disclaim them

Unlike express warranties, implied warranties:

Take a security interest in an asset owned by the debtor and make sure to attach any security interest it takes

When a creditor extends credit to a debtor, to protect itself, the creditor should:

Discounting the draft

When a payee wants to get cash immediately for a draft he can sell it to another party, but interest must be paid. This is called:

Requirements Contract

When a seller has agreed to supply all of the needs of a buyer, there is a(n):

Rescission

When both parties agree that their contractual relationship should be terminated without performance and their obligations are discharged, this is:

Punitive

When the party who breaches a contract has behaved maliciously and committed a tort, the court may want to discourage such behavior in the future by imposing what damages besides regular damages?

ALL: a. an insane person b. a minor c. a heavily intoxicated person

Which of the following categories of people have the right to walk away from a contract they made to buy a new house?

All: Trademarks, copyrights, patents, trade secrets

Which of the following is an example of intangible property:

trade secrets

Which of the following is an example of intangible property:

Payee

With negotiable instruments, the party to receive payment is the:

delegation

You are hired to mow a lawn on Saturday. Being busy, you hire your brother to do the job for you and get paid for it. This is:

Time or term drafts

____ specify payment to be made in the future, such as 60 days from the date of the writing of the draft.