Question 1 0.1 out of 0.

1 points Correct EZ Construction Company understates its bid on a project for FineBuilt Properties, Inc., due to an addition error. FineBuilt does not notice the error before EZ discovers it. EZ can most likely Answer Selected Answer: rescind the contract. Correct Answer: rescind the contract. Question 2 0.1 out of 0.1 points Correct Lester and Mia want Nero to replace Lester as a party to their contract. They can best accomplish this by agreeing to Answer Selected Answer: a novation. Correct Answer: a novation. Question 3 0.1 out of 0.1 points Correct Meg and Norton contract for the sale of Megs business. Norton gives Meg a down payment, and Meg gives Norton the keys to one of her stores. Before the contract is fully performed, however, they agree to return the down payment and keys, and cancel the sale. This is Answer Selected Answer: a rescission. Correct Answer: a rescission. Question 4 0.1 out of 0.1 points Correct

Jeri insures her warehouse under a policy with Klondike Insurance Company. Jeri assigns the policy to Linc, who also owns a warehouse. Klondikes best argument against the assignment of the policy is that Answer Selected Answer: the assignment will materially alter Klondikes risk. Correct Answer: the assignment will materially alter Klondikes risk. Question 5 0.1 out of 0.1 points Correct Dion contracts to build a store for Ella for $500,000, with payments to be in installments of $50,000 as the work progresses. Dion finishes the store except for a cover over a compressor on the roof. A cover can be installed for $500. Ella refuses to pay the last installment. If Dions breach is not material Answer Selected Answer: Dion has a claim against Ella, and Ella has a claim against Dion. Correct Answer: Dion has a claim against Ella, and Ella has a claim against Dion. Question 6 0.1 out of 0.1 points Correct Owen contracts with Paul to buy a computer for $1,500. Owen tells Paul that if the goods are not delivered on Monday, he will lose $2,000 in business. Paul ships the computer late. Owen can recover Answer Selected Answer: $2,000. Correct Answer: $2,000. Question 7 0.1 out of 0.1 points Correct Blythe contracts with Cody to deliver Codys goods to Blythes customers. This contract will, like most contracts, be discharged by Answer Selected Answer: performance. Correct Answer:

performance. Question 8 0.1 out of 0.1 points Correct Jake agrees to sell a warehouse to Kelly. Their contract provides that if Jake fails to close the deal on a certain day, he will pay a fee equal to half of the price of the warehouse. This clause is Answer Selected Answer: a penalty clause. Correct Answer: a penalty clause. Question 9 0.1 out of 0.1 points Correct Han agrees to sell an acre of land to Inez for $5,000. Han fails to go through with the deal, when the market price of the land is $7,000. If Inez cannot obtain the land through specific performance, she may recover Answer Selected Answer: $2,000. Correct Answer: $2,000. Question 10 0.1 out of 0.1 points Correct Blender Corporation contracts to sell to Choco Malts, Inc., six steel mixers for $5,000. When Blender fails to deliver, Choco buys mixers from Dribble Company, for $6,500. Chocos measure of damages is Answer Selected Answer: $1,500 plus incidental damages. Correct Answer: $1,500 plus incidental damages. Correct Omega, Inc., uses a trademark on its products that no one, including Omega, has registered with the government. Under federal trademark law, Omega Answer Selected Answer: can register the mark for protection.

Correct Answer: can register the mark for protection. Question 2 0.1 out of 0.1 points Correct Clothes made by workers who are members of the Clothes Makers Union are sold with tags that identify this fact. This is Answer Selected Answer: a collective mark. Correct Answer: a collective mark. Question 3 0.1 out of 0.1 points Correct Meta, Inc., makes computer chips identical to Micro Corporations patented chip, except for slight differences in the look, without Micros permission. This is Answer Selected Answer: patent infringement. Correct Answer: patent infringement. Question 4 0.1 out of 0.1 points Correct National Media, Inc. (NMI), publishes Opinion magazine, which contains an article by Paula. Without her permission, NMI puts the article into an online database. This is Answer Selected Answer: copyright infringement. Correct Answer: copyright infringement. Question 5 0.1 out of 0.1 points Correct

Tony owns Tonios, a pub in a small town in Iowa. Universal Dining, Inc., opens a chain of pizza places in California called Tonios and, without Tonys consent, uses toniosincalifornia as part of the URL for the chains Web site. This is Answer Selected Answer: none of the choices. Correct Answer: none of the choices. Question 6 0.1 out of 0.1 points Correct Intellectual property is defined as: Answer Selected Answer: property that results from an intellectual, creative process and so is the product of one's mind. Correct Answer: property that results from an intellectual, creative process and so is the product of one's mind. Question 7 0.1 out of 0.1 points Correct Data Corporation created and sells Economix, financial computer software. Datas copyright in Economix is best protected under Answer Selected Answer: the TRIPS Agreement. Correct Answer: the TRIPS Agreement. Question 8 0.1 out of 0.1 points Correct Tech Corporation uses USA, Inc.s trademark in Techs ads without USAs permission. This is Answer Selected Answer: trademark infringement. Correct Answer: trademark infringement. Question 9

0.1 out of 0.1 points Correct The graphics used in Grave Robbers, a computer game, are protected by Answer Selected Answer: copyright law. Correct Answer: copyright law. Question 10 0.1 out of 0.1 points Correct Zena invents a new type of light bulb and applies for a patent. If Zena is granted a patent, the invention will be protected Answer Selected Answer: for 20 years. Correct Answer: for 20 years. Question 1 0.1 out of 0.1 points Correct Before opening her new sports merchandise store, Miley places an ad in the newspaper showing cross-training shoes at certain prices. Within hours of opening for business, the store is sold out of some of the shoes. In this situation Miley has made Answer Selected Answer: an invitation seeking offers from people who might read the ad. Correct Answer: an invitation seeking offers from people who might read the ad. Question 2 0.1 out of 0.1 points Correct Saf-T Storage Company and Tristate Trucking Inc. enter into an oral contract for the sale of a warehouse. Before Tristate takes possession, this contract is enforceable by Answer Selected Answer:

neither Saf-T nor Tristate. Correct Answer: neither Saf-T nor Tristate. Question 3 0.1 out of 0.1 points Correct Rena, a sixteen-year-old minor, buys a car from Super Autos and wrecks it. To disaffirm the contract and satisfy a duty of restitution, Rena must Answer Selected Answer: return the car and pay for the damage. Correct Answer: return the car and pay for the damage. Question 4 0.1 out of 0.1 points Correct Urban Properties, Inc., makes an offer in a letter to Vita to sell a certain lot for $50,000, with the offer to stay open for thirty days. Vita would prefer to pay $40,000, if Urban would sell at that price. To leave room for negotiation without rejecting the offer, Vita should reply Answer Selected Answer: Will you take $40,000? Correct Answer: Will you take $40,000? Question 5 0.1 out of 0.1 points Correct Faisal signs a covenant not to compete with his employer, General Sales Corporation. This covenant is enforceable if it Answer Selected Answer: is reasonable in terms of geographic area and time. Correct Answer: is reasonable in terms of geographic area and time. Question 6 0.1 out of 0.1 points Correct

Stuart claims that he and Trina entered into a contract. The intent to enter into a contract is determined with reference to Answer Selected Answer: the objective theory of contracts. Correct Answer: the objective theory of contracts. Question 7 0.1 out of 0.1 points Correct Echo enters into an implied-in-fact contract with Flip. The parties conduct Answer Selected Answer: defines the contracts terms. Correct Answer: defines the contracts terms. Question 8 0.1 out of 0.1 points Correct Jo offers to buy Kys textbook for $60. Ky accepts and hands the book to Jo. The transfer and delivery of the book constitute performance. With respect to Jos promise, this performance is Answer Selected Answer: consideration, because Jo sought it for her promise, and Ky gave it in exchange for that promise. Correct Answer: consideration, because Jo sought it for her promise, and Ky gave it in exchange for that promise. Question 9 0.1 out of 0.1 points Correct Kelly contracts with Liu, a financial planner who is required by the state to have a license. Liu does not have a license. Their contract is enforceable if Answer Selected Answer: the purpose of the statute is to raise government revenue. Correct Answer: the purpose of the statute is to raise government revenue. Question 10

0.1 out of 0.1 points Correct Gio questions whether there is consideration for his contract with Huey. Consideration has two elementsthere must be a bargained-for exchange and the value of whatever is exchanged must be Answer Selected Answer: legally sufficient. Correct Answer: legally sufficient.