ETH/321T: Ethical And Legal Topics In Business
Wk4 - Contracts and Intellectual Property Quiz
Callie wants to work for an insurance firm. Before she is hired, the firm wants her to sign a non-compete agreement that she will not work for any other insurance firm in the state or any surrounding state for the next ten years.
‘Which of the following is most likely true?
This agreement is legal as long as Callie can find a job at least one year after she quits.
This agreement is legal and enforceable.
This agreement is illegal and punishable under usury laws.
( This agreement is probably too excessive to be enforceable.
FEEDBACK
1/1 (100.0%) v
The details of how severe this contract is may be subject to different opinions, but such a large geographic area and such a long duration suggests an excessive non-compete agreement that is likely
unenforceable. See section 6.5, Legality and Capacity.
Found in the following section(s) of the text:
6.5: Legality and Capacity
Stetzon, a merchant, makes an unconscionably unfair deal with another merchant, Cheri. Cheri wants to pursue a remedy when she discovers her disadvantage in the contract. What recourse does Cheri have under UCC?
Cheri may rewrite the contract, to which Stetzon must comply.
( Cheri may have a court alter the contract.
As a merchant, Cheri has no recourse.
Cheri may wholly void the contract.
FEEDBACK
1/1 (100.0%)
A court can limit or expand the contract to render it fair. See section 6.11, Sales Contracts.
Found in the following section(s) of the text:
6.11: Sales Contracts
Which of the following contracts are required to be in writing? Select all that apply.
( A contract to sell real estate, with $800 per month payments
(.
AN
A contract to lease property with a guaranty contract
( A contract between Glinda and her mother for her to not marry her boyfriend Harry.
A contract for labor that will finish ejght months from when the contract is agreed upon.
FEEDBACK
1/1 (100.0%)
Only contracts for labor which takes over a year to finish must be in writing. See section 6.7, Contract Form.
, - What are punitive damages?
Damages awarded to return a non-breaching party to ts former position
(°_Damages awarded to punish gross breaches of contract )
Damages awarded when non-breaching party sues a breaching party
Damages awarded to cover a foreseeable loss
FEEDBACK
1/1 (100.0%) v
See section 6.10, Breach and Remedies.
. What are compensatory damages?
(©_Damages awarded to return a non-breaching party to its former position )
Damages awarded to punish gross breaches of contract
Damages awarded to cover a foreseeable loss
Damages awarded when non-breaching party sues a breaching party
FEEDBACK
1/1 (100.0%) v
See section 6.10, Breach and Remedies.
. Claire and Donny want to use a contract to enforce a business deal. Which ofthe following would most solidly enforce to terms of their agreement?
An informal, express contract
An informal, implied contract
(© Aformal, express contract
A formal, implied contract
FEEDBACK
1/1 (1000%) v
Formal contracts provide more tangible proof and information about a deal. Express contracts make a contract more specific and remove ambiguity. See section 6.2, Fundamentals of American Contract
Law.
Found in the following section(s) of the text:
6.2: Fundamentals of American Contract Law
. ‘Which of the following would most likely qualify as substantial performance?
(Z_Leroy doesn' finish his last 3 days of yard work under contract because his mother has a medical emergency.
Out of spite, Wally stops performing work 10 days before his contractis finished.
Lily contracts to paint house green, but decides to paint it blue instead.
Vivian is under contract to paint 10 paintings, but only finished 8 because she i offered a more lucrative contract from someone else.
FEEDBACK
1/1 (100.0%) v
Three davs wonld nat remave the noss i of suhetantiall comnleting 2 nrnisct Other racnanss antions sntail sxtreme devistions fram a contrac’s terme ar shandanment of 2 cantrart See <action & O
Wk4 - Contracts and Intellectual Property Quiz
Callie wants to work for an insurance firm. Before she is hired, the firm wants her to sign a non-compete agreement that she will not work for any other insurance firm in the state or any surrounding state for the next ten years.
‘Which of the following is most likely true?
This agreement is legal as long as Callie can find a job at least one year after she quits.
This agreement is legal and enforceable.
This agreement is illegal and punishable under usury laws.
( This agreement is probably too excessive to be enforceable.
FEEDBACK
1/1 (100.0%) v
The details of how severe this contract is may be subject to different opinions, but such a large geographic area and such a long duration suggests an excessive non-compete agreement that is likely
unenforceable. See section 6.5, Legality and Capacity.
Found in the following section(s) of the text:
6.5: Legality and Capacity
Stetzon, a merchant, makes an unconscionably unfair deal with another merchant, Cheri. Cheri wants to pursue a remedy when she discovers her disadvantage in the contract. What recourse does Cheri have under UCC?
Cheri may rewrite the contract, to which Stetzon must comply.
( Cheri may have a court alter the contract.
As a merchant, Cheri has no recourse.
Cheri may wholly void the contract.
FEEDBACK
1/1 (100.0%)
A court can limit or expand the contract to render it fair. See section 6.11, Sales Contracts.
Found in the following section(s) of the text:
6.11: Sales Contracts
Which of the following contracts are required to be in writing? Select all that apply.
( A contract to sell real estate, with $800 per month payments
(.
AN
A contract to lease property with a guaranty contract
( A contract between Glinda and her mother for her to not marry her boyfriend Harry.
A contract for labor that will finish ejght months from when the contract is agreed upon.
FEEDBACK
1/1 (100.0%)
Only contracts for labor which takes over a year to finish must be in writing. See section 6.7, Contract Form.
, - What are punitive damages?
Damages awarded to return a non-breaching party to ts former position
(°_Damages awarded to punish gross breaches of contract )
Damages awarded when non-breaching party sues a breaching party
Damages awarded to cover a foreseeable loss
FEEDBACK
1/1 (100.0%) v
See section 6.10, Breach and Remedies.
. What are compensatory damages?
(©_Damages awarded to return a non-breaching party to its former position )
Damages awarded to punish gross breaches of contract
Damages awarded to cover a foreseeable loss
Damages awarded when non-breaching party sues a breaching party
FEEDBACK
1/1 (100.0%) v
See section 6.10, Breach and Remedies.
. Claire and Donny want to use a contract to enforce a business deal. Which ofthe following would most solidly enforce to terms of their agreement?
An informal, express contract
An informal, implied contract
(© Aformal, express contract
A formal, implied contract
FEEDBACK
1/1 (1000%) v
Formal contracts provide more tangible proof and information about a deal. Express contracts make a contract more specific and remove ambiguity. See section 6.2, Fundamentals of American Contract
Law.
Found in the following section(s) of the text:
6.2: Fundamentals of American Contract Law
. ‘Which of the following would most likely qualify as substantial performance?
(Z_Leroy doesn' finish his last 3 days of yard work under contract because his mother has a medical emergency.
Out of spite, Wally stops performing work 10 days before his contractis finished.
Lily contracts to paint house green, but decides to paint it blue instead.
Vivian is under contract to paint 10 paintings, but only finished 8 because she i offered a more lucrative contract from someone else.
FEEDBACK
1/1 (100.0%) v
Three davs wonld nat remave the noss i of suhetantiall comnleting 2 nrnisct Other racnanss antions sntail sxtreme devistions fram a contrac’s terme ar shandanment of 2 cantrart See <action & O
