Dr. Doolitle has invented a new surgical practice that will revolutionize treatment for several illnesses and will save lives. Dr. Doolittle is hoping to patent the process. What will be the likely outcome of the application?

Question 20 options:

1)	A patent will be granted because the procedure in new and inventive.
2)	A patent will be granted for a period of 25 years.
3)	A patent will be refused because it will be difficult to prove the procedure is useful.
4)	A patent will be refused on policy grounds.

Igor was browsing through a used bookstore when he came across a first edition of the Jules Verne book "Around the World in 80 Days" with a price tag that read $2. Igor knew the book was worth at least $5000 so he took the book to the cashier to pay. When he attempted to pay for the book, the cashier refused to take the money saying that the book price sticker was mislabeled, and it is not for sale. Igor sued the bookstore for breach of contract. Which of the following is TRUE?

Question 23 options:

1)	The bookstore made the offer by putting a price-tag on the book.
2)	The bookstore's price tag was an invitation to treat.
3)	The bookstore can't refuse to sell the book even though they are entitled to change the price.
4)	No contract was ever formed because this arrangement lacks contractual intention.
5)	The cashier should have sold the book because no one reads Jules Verne anymore.

Which of the following insurance contracts does not require the insured to pay a deductible?

Question 17 options:

1)	occupier's liability insurance
2)	directors' and officers' liability insurance
3)	personal injury insurance
4)	life insurance
5)	property insurance

What is the difference between being insolvent and being bankrupt?

Question 35 options:

1)	The term insolvency refers to the act of closing a business when the business is unsuccessful whereas bankruptcy is a quasi-criminal wrong that arises when a debtor intentionally fails to pay his debts.
2)	Insolvency refers to whether you can meet your financial obligations as they fall due or whether you have sufficient assets to pay all of your debts; bankruptcy is a legal mechanism in which your assets are transferred to a trustee and then sold with the proceeds distributed to creditors.
3)	Insolvency refers to the legal mechanism in which one's assets are transferred to a trustee and then sold with the proceeds distributed to creditors; bankruptcy is a factual matter that arises when you cannot meet your financial obligations as they fall due, or you have insufficient assets to pay your debts.
4)	Bankruptcy gives rise to legal obligations to your creditors whereas insolvency has no legal consequences unless a creditor wishes to force you into bankruptcy.