Question: Intellectual property is an example of which of the following?
Tangible personal property.
Real property.
Intellectual property is not considered property.
Intangible personal property.
Answer: Intangible personal property.
Question: Bitcoins are subject to a legally imposed quota. Molly violates the legally imposed quota. Miranda who already purchased her legal quota of bitcoins enters into a contract with Molly to secretly purchase the bitcoins she knows were illegally obtained by Molly. When Molly and Miranda meet, Miranda refuses to purchase the bitcoins. What is the probable outcome?
Molly cannot sue Miranda because the contract is void.
The parties entered into a contract that is voidable by Miranda.
Molly can sue Miranda because there is a valid contract due to freedom of contract.
Molly can sue Miranda because they entered an enforceable bilateral contract.
Answer: Molly cannot sue Miranda because the contract is void.
Question: At a fancy smancy party, one of the guests confides in you that he has a trade secret. He asks you which of the following is true?
There is only common law protection of trade secrets.
There is federal statutory and state statutory legal protection of trade secrets.
There is only state statutory protection of trade secrets.
There is only federal statutory protection of trade secrets.
Answer: There is federal statutory and state statutory legal protection of trade secrets.
Question: The contract to sell Victor E. Lapp’s motorcycle repair business includes a covenant not to compete where Victor agrees not be engaged in the motorcycle repair business for 5 years in the metropolitan area in which the business is located. The covenant not to compete is
Answer: a throw in with no value since Hughes is likely to retire.
Question: Which of the following is true with respect to a trademark?
The requirements for registration are the same as for a patent.
Registering it is mandatory.
Registering it is optional.
Trademarks cannot be registered.
Answer: Registering it is optional.
Question: Which of the following is true with respect to trade secrets?
There is only one type of trade secret.
There is not a Uniform Code that deals with trade secrets.
There is only common law protection of trade secrets.
There are multiple types of trade secrets.
Answer: There are multiple types of trade secrets.
Question: At a flea market, Clark purchases a comic book from Bruce for $10. Later, Clark re-sells the comic for $50,000. Bruce decides to sue Clark to rescind the contract based on lack of consideration. Which of the following is true?
Although the contract would not be rescinded, Clark must share the profits with Bruce.
The contract will be rescinded for some other reason.
The contract will be rescinded based on lack of consideration.
Based on freedom of contract, Bruce loses.
Answer: Based on freedom of contract, Bruce loses.
Question: In the context of network security, patching
Answer Options:
Improves the look and feel of software
Adds user-friendly features to software
Applies cosmetic changes to software
Updates software to fix known software bugs
Answer: Updates software to fix known software bugs
Question: Van Gogh says to Rembrandt, ‘My painting is one I would only consider selling to you.’ This statement is
an implied contract between Van Gogh and Rembrandt.
an offer because Van Gogh indicated he would not sell the painting to anyone else.
a quasi contract.
Not an offer because it was not an expression of interest subject to negotiation.
Answer: Not an offer because it was not an expression of interest subject to negotiation.
Question: A cardiologist agrees to purchase a coin collection from her patient who is recovering from a heart attack. Which of the following is true?
Because the cardiologist has a fiduciary relationship with her patient, there is a presumption of undue influence that must be overcome.
The relationship between the parties has no impact on the enforceability of the contract.
There is no difference between their contract and any other contract.
Because the cardiologist has a fiduciary relationship with her patient, there is a presumption of duress.
Answer: Because the cardiologist has a fiduciary relationship with her patient, there is a presumption of undue influence that must be overcome.
Question: Although marijuana is an illegal drug under federal law, some states including Florida have legalized it for some purposes. This raises which of the following issues?
Checks and balances between branches of government
The supremacy clause as it applies to conflicts between federal law and state law.
Full faith and credit.
None of the alternatives are correct
Answer: The supremacy clause as it applies to conflicts between federal law and state law.
Question: An engineering firm has an open tract of land next to a restaurant. The engineering firm has 10 employees all of whom have lunch each day at the restaurant. The owner of the restaurant and the engineering firm agree that patrons of the restaurant can park on the tract of land in exchange for 10% food discounts on all lunch items ordered by the engineering firm staff. The food discount is
not legally sufficient consideration because it is not of equal value.
legally sufficient consideration.
an illusory promise.
unenforceable due to a disparity of bargaining positions.
Answer: legally sufficient consideration.