Please find below1)In general, what is the effect o.docx

Please find below:
1)
I
n general
,
what
i
s the effect of o
n
e party being mistaken about the subject matter of
a
c
ontract?
a.
The m
i
staken party can rescind t
h
e
c
ontract
.
b.
Either pa
r
ty ca
n r
esc
i
nd the cont
r
act

,
and the mistaken party can recover damages.
c.
Neither party
c
an rescind the co
n
tract or recover damages
.
d.
E
i
the
r
par
t
y can resc
i
nd the cont
r
act and
/
or recove
r
damages.
e.
Either party
c
an rescind the contract
.
2)
I

n Krysa v. Pa
in
e
,
whe
r
e Pai
n
e
'
s Car Company was found to have committed fraud
i
n the sa
l
e of a t
r
uck to Krysa
,
what did the court ru
l
e regard
i
ng the punitive damages
award?
a.
Punit
i
ve dama
g
es are a
l
lowed at 9
:
1 in cases involving persona
l

injury but
i
n
c
on-
tracts m
u
st adhe
r
e to a 3
:
1
r
atio.
b.
P
u
nitive damages a
r
e
l
imited to 9:1
i
n all cases.
c.
Punit
i
ve damages should
n
eve
r
have a cap or their funct
i
on as a dete

r
rent and punish-
ment would be
l
ost
.
d.
Punitive damages a
r
e not ava
il
ab
l
e
i
n a fraud act
i
on based on a contract
.
e.
Pun
i
t
i
ve damages of 27:
1
are perm
i
tted in cases of extreme fraud
.
3)
The k
n

ow
l
edge of a statement
'
s
f
a
l
sity
,
or the
"
gu
i
lty mind
,"
in a fraud in the induce-
ment case is a
l
so known as:
a.
paro
l
knowledge.
b.
just
i
f
i
ance
.
c.
reliance

.
d.
scienter.
e.
gui
l
ty inte
n
t
.
4)
Andre has made a statement that the average pe
r
son would realize
i
s puffery. And
r
e
is guilty of:
a.
duress
.
b.
fraud
.
c.
innocent misrepresentat
i
on
.

d.
undue
i
nfluence.
e.
nothing
.
5)
In Wilson v. Western Nationa
l
Life
I
nsu
r
ance Company,
i
nvolving the party who lied
allegedly regarding prior drug abuse in order to obtain life
insurance, what was
the holding of the court when the pa
r
ty
l
ater died from a drug overdose?
The l
i
fe insurance company had to pay the proceeds because if the
plaintiff's medical
records had been consulted, the drug abuse would have been
discovered.
a.

The
li
fe
i
nsurance d
i
d not have to pay the proceeds only because the deceased's wife
was unaware of the misrepresentation.
b.
The l
i
fe insurance had to pay the proceeds because the deceased's
wife actually paid
the premiums.
c.
The life insurance company had to pay the proceeds because the
plaintiff was not
using drugs during the time the application for insurance was
made.
d.
The l
i
fe insurance company did not have to pay the proceeds because
of the conceal-
ment of the drug abuse
.
6)
Undue
i
nf
l
uence is characterized by one party being put at a disadvantage

in a con-
tract due to:
a.
a party taking advantage of superior knowledge about the
subject matter in a contract
.
b.
a party taking advantage of a fiduciary relat
i
onship
.
c.
a party taking advantage of the other party's legal
circumstances.
d.
a party taking advantage of economic advantage in a transaction
.
e.
a party taking advantage of it being less urgent for that party to
reach an agreement
.
7)
If a judge rules that a party has lost
i
ts case because of the Statute of Frauds, the
judge has essentially stated that:
a.
the losing party was found by the court to have lied, and will
therefore lose the case.

b.
the losing party purpose
l
y deceived the other party about a material fact
.
c.
the losing party cannot enforce an oral contract that should have
been in writing.
d.
the winning party has proven criminally fraudulent conduct on
the part of the losing
party
.
e.
the losing party is not allowed to introduce evidence to
contradict a written agree-
ment
.
8)
Frank had a bicycle that he advertised for sale
,
honestly believing
i
t to be a 1999
model even though it was actually a 1996 model. There were s
i
gnificant improve-
ments in the frame material, not read
i
ly apparent, made between 1996 and 1999 to
this model bicycle

.
The buyer believed Frank
'
s statement that it was a 1999 model,
and was excited to be getting a model incorporating the
improvements. After discov-
ering that the bike was actually a 1996 mode
l
, the buyer could avoid the contract on
the basis of:
a.
unilateral mistake.
b.
fraud
.
c.
mutual mistake.
d.
Band C.
e.
none of the above.
e.
9)
The owne
r
of a gym tells Ruppert that if he jo
i
ns the gym for a year and hires a per-
sonal tra

i
ner
,
his body will be more attractive to women and his life will
change for-
ever. Ruppert jo
i
ns and hires a personal trainer, but otherwise his life remains
the
same. The statements of the gym owner could be described as:
a.
statements of fact
.
b.
statements of opinions
.
c.
predict
i
ons about the future
.
d.
both Band C.
e.
A
,
Band C.
10) Which of the following
i
s the false statement?
a.

A legal right arising from a breach of contract may be assigned.
b.
The same right can be assigned more than once.
c.
You must get everyone
'
s consent to make a novation.
d.
Purely mechanical duties are not delegable
.
e.
There
i
s a guarantor
i
n a delegation.
11)
When the
r
e has been an assignme
n
t of rights under a contract, who has a duty to
notify the obi igor of the assignment?
a.
The assignor.
b.
The assignee.
c.

Both the assignor and the assig
n
ee
.
d.
Neither the assignor nor the assignee.
e.
Whichever party is nearer the obligor geographically.
12)
When an ob
l
igor transfers her obl
i
gation to perform a contract duty to another
,
this is
known as atn):
a.
delegat
i
on.
b.
accord
.
c.
den igration.
d.
assignment
.
e.
stipulation.

13)
When there is an accord and satisfaction
,
when are the duties under the or
i
ginal con-
tract discharged?
a.
When the accord is formed.
b.
When the duties of the original contract are fu
l
ly performed by one of the parties.
c.
When the o
r
iginal contract is breached
.
d.
When the d
u
ties under both the original contract and the accord are fully
performed
by both part
i
es.
e.
When the duties under the accord are fully performed by both
parties.
14) Which o

f
the following is true?
a.
If a contract can be performed
,
but doing so has become illegal
,
performance will be
discharged on the basis of imposs
i
b
i
l
i
ty.
b.
A party can generally get out of a contract if it had entered into
the contract without
all information relevant to the contract
.
c.
Death of a party will always result
i
n discharge of that party
'
s dut
i
es
.
d.
A seller
'

s duty to sel
l
goods
i
s discharged due to
i
mpossibil
i
ty if the seller is unable to
acqui
r
e the goods from
i
ts normal supplier.
e.
Both A and B.
15)
World Rest Hotels has contracted w
i
th QuickBuild Construction to build a 650-bed
hotel in Downtown Dallas. Marty has entered into a lease
agreement for retail space
in an adjacent bu
il
ding to open a g
i
ft shop catering to the hotel guests
.
QuickBuild
was aware of Marty's lease agreement
.
QuickBuild breached its contract with Worl
-

dRest by not completing the hotel until seven months after the
contractual due date.
Because the hotel was
l
ate opening and there were seven months when the hotel had
no guests, Marty lost considerable profits in the reta
i
l shop. Marty has sued Quick-
Build to recover these lost prof
i
ts
.
Which of the following is true?
a.
Marty
i
s a donee beneficiary of QuickBuild
'
s contract to bui
l
d the hotel.
b.
Because Qu
i
ckBuild is now in debt to Marty for the
l
ost profits, Marty is a creditor
beneficiary of the hotel construction contract
.
c.
Marty can recover in the situation on the bas
i
s of an assignment of rights.

d.
Marty cannot recover because Marty is an
i
nc
i
dental beneficiary of the hotel construc-
t
i
on contract
.
e.
The court would likely order QuickBuild to delegate
i
ts duties on future contracts so
that they are finished on time
.
16) What
i
s tender of performance
i
n connect
i
on with a contract?
a.
Performance whose terms have been ordered by the court.
b.
One party
'
s comp
l
etion of dut
i

es under the contract
.
c.
An uncond
i
tional offer by a contracting party to perform his or her
obligations under a
contract
.
d.
A party's offer
i
ng substitute performance that is super
i
or to the performance called for
in the contract
.
e.
A party's offering to perform pr
i
or to full payment
.
17) What kind of damages will be awarded when there
i
s no actua
l
financial loss?
a.
Spec
i
al damages
.

b.
Nominal damages
.
c.
Compensatory damages
.
d.
Consequential damages
.
e.
There are no damages that a court wi
ll
award
i
n the absence of an actual financ
i
al
loss
.
18) What does the term "mitigation" refer to in connection with
damages?
a.
The calculation of lost profits in determining damages.
b.
The combination of the different kinds of damages into a single
dollar amount
.
c.
The duty of the breaching party to make a damages payment as

soon as practical
.
d.
The requirement of the non-breaching party to allow the
breaching party one final
chance to perform the contract before being entitled to collect
damages.
e.
The duty of a non-breaching party to make reasonable efforts to
reduce damages.
19)
What is the modern rule for who gets to keep an engagement
ring given by the man to
the woman if the planned wedding does not occur?
a.
It must be returned to the man regardless of who broke off the
engagement
.
b.
It will be based on who was determined by the court to be more
at fault in causing the
engagement to be broken off.
c.
It will go to the party who has the least financial resources at
the time the engage-
ment is broken
.
d.
The party who did not break off the engagement gets to keep it

.
e.
The woman can keep it regardless of who breaks off the
engagement
.
20)
What was the result in the Ethics Spotlight in the book in which
"Kurupt" was alleg-
edly induced by Death Row Records to breach an exclusive
recording agreement with
the Brumfield?
a.
Death Row Records was held liable for the tort of intentional
interference with a con-
tract but could not be held liable for punitive damages.
b.
tract but could not be held liable for compensatory damages.
c.
Death Row Records was not held liable for anything
because
the plaintiff had been
prosecuted for fraudulent activities
,
and Death Row Records assisted the singer in
avoiding a bad deal
.
d.

Death Row Records was not held liable for the tort of
intentional interference with a
contract
.
e.
tract, and was held liable for compensatory and punitive
damages.
21)
In Reno
,
Attorney General of the United States v. American Civil
Liberties Union,
involving a law restricting the sending of certain sexua
l
ly oriented information over the
Internet, the U.S. Supreme Court ruled that:
a.
the Telecommunications Act of
1996
vio
l
ated the U.S. Constitution for its restrictions
on the transfer of indecent material over the Internet
.
b.
the Communications Decency Act violated the U.S
.
Constitution for its restrictions on
the transfer of indecent material over the Internet
.

c.
the Internet had grown to a point that it should be placed into
private ownership that
could contract regarding sexual content with individual service
providers.
d.
the Communications Decency Act did not violate the U.S.
Constitution in any manner.
e.
individual states could decide whether the Telecommunications
Act of
1996
violated
the U.S. Constitution.
22) In order to obtain a domain name, one must:
a.
obtain clearance from the U.S. Patent and Trademark office that
the name is not con-
fusingly sim
i
lar to another name
,
and pay the appropr
i
ate fee.
b.
verify that the name
i
s not a
l

ready taken, complete a registration form, and pay the
appropr
i
ate fee.
c.
apply for the name with the appropriate county agency; state the
purpose for which
the name will be used; and
i
f the use
i
s approved
,
pay the appropriate fee.
d.
apply for the name and
,
if within the waiting period
,
there are no objections to the ap-
plicant taking the name
,
pay the appropriate fee
.
e.
post notice at the Network Web off
i
ce of the intent to use the name
,
directly not
i
fy
parties who might object to obtain their waiver of objection,

and pay the appropr
i
ate
fee.
23)
The Counterfeit Access Device and Computer Fraud and Abuse
Act makes it illegal to
do each of the fo
l
lowing except:
a.
access a computer to know
i
ngly obta
i
n financial records of financial institutions.
b.
access a computer to knowingly obtain grades and personal
information pertaining to
students at a college or univers
i
ty.
c.
access a computer to knowingly obtain restr
i
cted governmental information.
d.
access a computer to know
i
ngly obtain consumer reports of consumer reporting agen-
cies

.
e.
al
l
of the above are
i
llegal under the Counterfeit Access Device and Computer Fraud
and Abuse Act
.
24)
Under the Uni
f
orm Computer Information Transactions Act, the licensee can
revoke
acceptance of the informat
i
on if
:
a.
there
i
s a material breach and discovery of the nonconformity was
difficult at the time
of del
i
very but was
l
ate
r
discovered.
b.
there

i
s a breach of any kind and discovery of the nonconformity was
difficult at the
time of delivery but was
l
ater d
i
scovered.
c.
there is a material breach and after discover
i
ng the nonconformity at the time of
delivery, the licensor agreed to cure the defect
,
but has not done so.
d.
there
i
s a breach of any kind
,
and after discovering the nonconformity at the time of
delivery, the
l
icensor agreed to cure the defect
,
but has not done so
.
e.
A or C will allow the licensee to revoke acceptance
.
25)
The Electronic Communications Privacy Act makes it a crime to

do which of the fol-
lowing?
a.
To intercept an electronic communicat
i
on while in transit
.
b.
To
i
ntercept an electronic communication at the point of
transmission.
c.
To intercept an electronic transmiss
i
on when stored by a router or server, or after
receipt by the intended recipient
.
d.
Both A and B
.
e.
A, B, and C.

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