LAW 531 Week 3 Knowledge Check

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LAW 531 Week 3
Knowledge Check


The material
presented below is not meant to be a comprehensive list of all you need to know
in the content area. Rather it is a starting point for building your knowledge
and skills. Additional study materials are recommended in each area below to
help you master the material.

Personalized
Study Guide Results:

Score: 18 / 18

Concepts Mastery
Questions

Agreement,
consideration, and capacity 100% • 1

• 2• 3

Remedies for
breach of contracts 100% • 4

• 5• 6

Intellectual
property 100% • 7

• 8• 9

Personal
property 100% • 10

• 11

• 12

Real property
100% • 13

• 14

• 15

Mislaid, lost,
or abandoned property 100% • 16

• 17

• 18

Concept:
Agreement, consideration, and capacity

Mastery : 100% Questions
: • 1

• 2• 3

Materials on the
concept:

• Acceptance

• Introduction
to Agreement

• Consideration
and Promissory Estoppel

• Consideration

• Introduction
to Capacity and Legality

Show More

1.

What is true
about the acceptance of a contract?

• A.

It is effective
only once it has reached the offeror, whether or not it has been properly
dispatched by the offeree.

• B.

It must not
support the mirror image rule.

• C.

It must be an
unequivocal acceptance, without conditions or exceptions.

• D.

It cannot be
expressed with silence, even if the offeree has specified that silence means
acceptance.

2.

Which element of
a contract requires something of legal value to be provided in exchange for a
promise?

• A.

Consideration

• B.

Objective intent

• C.

Agreement

• D.

Capacity

3.

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?

• A.

Minor’s duty of
restoration

• B.

Infancy doctrine

• C.

Adjudged insane

• D.

Covenant not to
compete

Concept:
Remedies for breach of contracts

Mastery : 100%
Questions : • 4

• 5• 6

Materials on the
concept:

• Inferior
Performance: Material Breach

• Remedies for
Breach of Traditional and E-Contracts

• Anticipatory
Breach

• Introduction
to Remedies for Breach of Traditional and E-Contracts

• Nominal
Damages

4.

What will most
likely happen when there is a material breach by one of the parties in a
contract?

• A.

The breaching
party will restate the express terms of the contract.

• B.

The contract
will be discharged by both parties.

• C.

The nonbreaching
party will terminate the contract and recover compensation.

• D.

The breaching
party will affirm the contract and modify consideration terms.

5.

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?

• A.

Minor breach

• B.

Anticipatory
breach

• C.

Actual breach

• D.

Retrospective
breach

6.

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.

• A.

Consequential
damages

• B.

Penalty damages

• C.

Nominal damages

• D.

Special damages

Concept:
Intellectual property

Mastery : 100%
Questions : • 7

• 8• 9

Materials on the
concept:

• Intellectual
Property

• Trade Secret

• Patent

• Fair Use
Doctrine

• Copyright

7.

Identify the
true statement about the legal protection of trade secrets.

• A.

The law allows
individuals or companies the use of trade secrets discovered through reverse
engineering.

• B.

The law does not
place the obligation to protect trade secrets on the owners of the trade
secrets.

• C.

The law mandates
that all trade secrets be copyrighted.

• D.

The law does not
categorize the stealing of a trade secret as a federal crime.

8.

What type of
subject matter can be patented according to the U.S. federal government?

• A.

Scientific
hypotheses and principles

• B.

Abstractions

• C.

Designs for a
manufactured product

• D.

Obvious
inventions



9.

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?

• A.

Fair use
doctrine

• B.

Res ipsa
loquiter

• C.

Lanham doctrine

• D.

Misrepresentation
doctrine

Concept:
Personal property

Mastery : 100%
Questions : • 10

• 11

• 12

Materials on the
concept:

• Personal
Property

• Personal
Property and Bailment

• Accession

• Ownership of
Personal Property

• Confusion

10.

Identify the
true statement about personal property.

• A.

Personal
property does not include items that are captured, purchased, or gifted.

• B.

Personal
property can also be intangible.

• C.

Personal
property includes only real property.

• D.

A single piece
of personal property cannot be owned by two individuals at the same time.

11.

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?

• A.

Accession

• B.

Confusion

• C.

Mislaid property

• D.

Gift inter vivos

12.

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.

• A.

Accession

• B.

Mislaid property

• C.

Possession

• D.

Confusion

Concept: Real
property

Mastery : 100%
Questions : • 13

• 14

• 15

Materials on the
concept:

• Real Property

• Subsurface
Rights

• Fee Simple
Absolute (or Fee Simple)

• Estates in
Land

• Joint Tenancy

Show More

13.

What is true
about real property, including land?

• A.

Real property
includes property that is movable.

• B.

An owner of land
has rights to the earth that lies beneath the land.

• C.

An owner of land
owns the vegetation on the land only if the owner himself has cultivated the
vegetation.

• D.

Real property
does not encompass fixtures.

14.

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?

• A.

Fee simple
defeasible

• B.

Life estate

• C.

Qualified fee

• D.

Fee simple
absolute

15.

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?

• A.

Joint tenancy

• B.

Tenancy by the
entirety

• C.

Community
property

• D.

Tenancy in
common

Concept:
Mislaid, lost, or abandoned property

Mastery : 100%
Questions : • 16

• 17

• 18

Materials on the
concept:

• Mislaid
Property

• Mislaid, Lost,
and Abandoned Personal Property

• Abandoned
Property

16.

What is the best
description of mislaid property?

• A.

It is real
property that is discarded by the owner.

• B.

It is real
property that has been constructed at the wrong place.

• C.

It is personal
property that has been unintentionally forgotten by the owner.

• D.

It is personal
property that has been lost by the owner.



17.

Identify the
true statement about the ownership of mislaid, abandoned, and lost property.

• A.

The owner of
lost property cannot claim ownership of it when it has been acquired by someone
else.

• B.

The finder of
abandoned property acquires ownership of the property even against the previous
owner.

• C.

The finder of
mislaid property can rightfully claim a share in the property from the owner.

• D.

The owner who
abandons a piece of property will still be considered the rightful owner of the
property, even if the property has been acquired by another individual.

18.

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?

• A.

Real property

• B.

Abandoned
property

• C.

Mislaid property

• D.

Lost property
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