Running head: BUSINESS AND LEGAL 1

Q1. The person who can make all decisions with respect to a
property in a trust is known as the:
a. leader
b. executive
c. trustee
d. majordomo
e. beneficiary
Q2. The right of utility companies to run power lines over land and
put water lines under private property is based on:
a. an easement
b. a covenant
c. a deed
d. a seisin
e. a remainder
Q3. To have adverse possession of property, the user must have
continuous occupation of the property.
a. true
b. false
Q4. If the government takes land from a private owner without the
consent of the owner it is exercising the right of:
a. eminent domain
b. caveat emptor
c. easement publica
d. Landham Act action
e. government domain
Q5. A clear title means that:
a. a third party may claim valid ownership of the property
b. only the government may claim valid ownership of the property
c. there are no taxes due on the property
d. no other person can claim valid ownership of the property
Q6. One who possesses lands by any right or title is referred to as
a(n):
a. holder
b. possessor
c. tenant
d. private property owner
Q7. Deeds:
BUSINESS AND LEGAL 2
a. are in writing
b. are written or oral
c. are legal only in certain states
d. can only be used when the property being transferred is worth more
than $10,000
Q8. A person who is given the right to use property during their
lifetime is given _____________ in the property.
a. an easement
b. a life estate
c. a covenant
d. a non-coercive claim
Q9. Rights of literary property as recognized by law are:
a. copyrights
b. patents
c. estates
d. literary rights
e. media rights
Q10. The registration process of trademarks is provided by:
a. the Lanham Act
b. the Carver Act
c. the Trademark Act
d. the Intellectual Property Act
e. the Second Amendment
Q11. ________________ is property that may be invisible and
impossible to hold.
a. intangible property
b. good property
c. real property
d. temporary property
e. actual property
Q12. Patents may be granted for theories that are proven.
a. true
b. false
Q13. Suppose a company steals a commercial trade secret from
another company:
a. there may be criminal prosecution under the Federal Trade Secrets Act
b. there may be criminal prosecution under the Economic Espionage Act
BUSINESS AND LEGAL 3
c. there may be criminal prosecution under the Trade Secret Protection Act
d. there may be criminal prosecution under the American Economic Data
Act
Q14. What allows exclusive control over original written works,
musical compositions, art and photography; including control over
reproduction, display and derived works:
a. copyrights
b. patents
c. trademarks
d. trade names
e. servitudes
Q15. The law provides protection to intellectual property owners
through which legal action?
a. malicious prosecution
b. assault
c. infringement
d. slander
e. infliction of emotional distress
Q16. The reputation of a firm that gives value to trademarks and
other such forms of intellectual property combined with the trust of
many customers is known as:
a. trade secrets
b. copyright
c. good copy
d. goodwill
e. good relations
Q17. A 16-year-old goes to a used car dealership and pays $2,000
cash to buy a car off the lot.
a. assuming no fraud by the dealer, and that the car is really worth about
$2,000, the contract is valid
b. the dealer realizes that the car is worth more than $2,000, so he can
void the contract and insist on the car back
c. the 16-year-old can bring the car back the next day and demand his
money back (less damages) because the contract is voidable
d. the parents of the 16-year-old cannot try to get the money back for the
car because parents are responsible for providing their children with
necessities
Q18. The purpose of a contract is to:
BUSINESS AND LEGAL 4
a. make it easy to do international business transactions
b. encourage innovation
c. encourage investment
d. give parties confidence that bargained-for exchanges will be enforceable
e. give parties confidence that they will make a profit
Q19. The remedy of ___________ may be used to prevent unjust
enrichment.
a. restitution
b. specific performance
c. real performance
d. fair compensation
e. equal parts
Q20. _____________ is the legal ability to create a contract.
a. contractual capacity
b. understanding capacity
c. real capacity
d. final capacity
e. coherent capacity
Q21. Consideration is the element of a contract that:
a. allows it to be a gift
b. prevents it from being a gift
c. gives the offeror a better deal
d. gives the offeree a better deal
e. provides the terms of acceptance
Q22. The idea that breach of contract generally only allows recovery
for profits and costs incurred due to the breach is called:
a. the compensatory rule
b. the economic loss rule
c. the remedy doctrine
d. contract damages doctrine
Q23. When someone accepts an offer by an exchange of mutual
promises, what kind of contract has been formed?
a. implied
b. unilateral
c. executed
d. bilateral
e. commercial
BUSINESS AND LEGAL 5
Q24. An effective offer requires a clear manifestation of intent,
definite terms and conditions, and communication of the offer.
a. true
b. false
Q25. If the values of the items exchanged in a contract are unequal
courts generally:
a. hold that the contract is not binding
b. require the parties to rewrite the contract
c. support the contract anyway
d. require the offeror to add something to the contract
e. require the offeree to add something to the contract

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