QUESTION 70

1. The official document that indicates that a new patent has been granted is which of the following?

   		Patent pending
   		Patent acceptance
   		Patent deed
   		Patent offered

0.25 points

QUESTION 71

1. Typically in construction contracts there will be a provision awarding damages to the buyer at "X" amount of dollars per day for each day the builder is late in completing the work. The parties to the contract agree upon this amount in advance because they know the buyer will incur added costs, or will lose profits, because of the delay. What type of damages are these contractually fixed payments?

   		Nominal
   		Liquidated
   		Punitive
   		Compensatory

0.25 points

QUESTION 72

1. Under which of the following is a contract voidable?

   		Consideration is missing.
   		Agreement is missing.
   		The contract was not executed under seal.
   		One of the parties has the option to set aside the contract.

0.25 points

QUESTION 73

1. What is the basic distinction between a joint tenancy and a tenancy in common?

   		Spouses can be joint tenants but not tenants in common.
   		Unrelated owners can be tenants in common but not joint tenants.
   		Joint tenants have a right of survivorship, but tenants in common do not.
   		Tenants in common have a right of survivorship, but joint tenants do not.

0.25 points

QUESTION 74

1. Which of the following is necessary for a valid offer?

   		The offer must demonstrate a present intention to enter into a contract.
   		The offer must contain reasonably definite terms.
   		The offer must be communicated to the proper offeree.
   		All of the above are necessary for a valid offer.

0.25 points

QUESTION 75

1. Which of the following is not an element of a valid contract?

   		Agreement
   		Consideration
   		Legal capacity of the parties to the contract
   		A written document with notarized signatures

0.25 points

QUESTION 76

1. Which of the following mistakes would result in the rescission of the contract?

   		A bilateral mistake of material fact
   		A unilateral mistake of material fact
   		A unilateral mistake of value
   		A unilateral mistake of law

0.25 points

QUESTION 77

1. Which of the following statements about quantum meruit is correct?

   		It is a contract remedy used when the breaching party is insolvent.
   		It is a contract remedy used for breaches involving fraud.
   		It is an equitable remedy for wrongful interference with a contractual relationship.
   		It is an equitable remedy to prevent unjust enrichment when there is no contract.

0.25 points

QUESTION 78

1. Wrongful conduct of performance includes all but which of the following?

   		Hindrance
   		Prevention
   		Noncooperation
   		Accidental

0.25 points

QUESTION 79

1. Written contracts which the parties intend to be the final statements about some, but not all, of the terms of their agreement are called ______________contracts.

   		Fully integrated
   		Partially integrated
   		Merged
   		Provisional