MIE 305 Exam 3 Questions and Answers
Question 1
Statute of Frauds
Correct Answer
A defense to enforcement of a contract even though there is no factual dispute over the existence of the contract or its
terms, requires oral contracts to become written. Ie. agreements in contemplation of marriage, special promise of a
surety to pay the debt of another, agreements that cannot be performed within one year, sale of goods with a price of
$500 or more, contracts for the sale of certain personal property other than goods.
Question 2
Bringing 3P into Privity K
Correct Answer
Can do so only though another contract to which they are a party that references rights and duties they will be
undertaking, this earlier contract must specifically allow this activity or not prohibit it with a nonassignment or
nondelegation clause.
Question 3
Bilateral Contract
Correct Answer
An agreement containing mutual promises, with each party being both a promisor and a promise, contract is formed
when promise is made.
Page 1 of 65
,Question 4
Tenancy from Period to Period
Correct Answer
May only be terminated upon giving proper notice.
Question 5
Bargained for Consideration
Correct Answer
Exchange of value, law uses this to validate and make the mutual assent legally operative.
Question 6
Implied-in-Law/Quasi Contracts
Correct Answer
A term used to describe a factual situation involving a duty that does not arise out of an actual contract and is associated
with a remedy designed to promote justice and fairness.
Question 7
Exculpatory Clause
Correct Answer
A provision in a contract whereby one of the parties attempts to relieve itself of tort liability, generally not enforced or
favored by courts.
Page 2 of 65
,Question 8
Policing
Correct Answer
A company that fails to adequately search for infringers and defend against such activities may lose some or all rights to
the trademark, usually involves a watch service.
Question 9
Copyright
Correct Answer
The exclusive right granted to the author of an original works, including literary, dramatic, musical, artistic, and certain
other intellectual works, to reproduce the work for a set period of time. Must be an original work of authorship and only
the tangible form is subject, no requirement to register, exists for the life of the author +70 years.
Question 10
Pre Existing Duty
Correct Answer
Detriment already exists, the promisor promises something that they are already under an obligation to perform, by law
or contract.
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, Question 11
Condition Subsequent
Correct Answer
A clause in a contract providing for the happening of an event that divests legal rights and duties.
Question 12
Legal Benefit
Correct Answer
When a party receives something they had no prior legal right to receive.
Question 13
False Misrepresentation
Correct Answer
Must include a wrongful material fact with an intent to deceive and innocent party must detrimentally rely on it.
Question 14
Freedom of Contract
Correct Answer
Parties have latitude to enter into any type of arrangement they desire.
Page 4 of 65
Question 1
Statute of Frauds
Correct Answer
A defense to enforcement of a contract even though there is no factual dispute over the existence of the contract or its
terms, requires oral contracts to become written. Ie. agreements in contemplation of marriage, special promise of a
surety to pay the debt of another, agreements that cannot be performed within one year, sale of goods with a price of
$500 or more, contracts for the sale of certain personal property other than goods.
Question 2
Bringing 3P into Privity K
Correct Answer
Can do so only though another contract to which they are a party that references rights and duties they will be
undertaking, this earlier contract must specifically allow this activity or not prohibit it with a nonassignment or
nondelegation clause.
Question 3
Bilateral Contract
Correct Answer
An agreement containing mutual promises, with each party being both a promisor and a promise, contract is formed
when promise is made.
Page 1 of 65
,Question 4
Tenancy from Period to Period
Correct Answer
May only be terminated upon giving proper notice.
Question 5
Bargained for Consideration
Correct Answer
Exchange of value, law uses this to validate and make the mutual assent legally operative.
Question 6
Implied-in-Law/Quasi Contracts
Correct Answer
A term used to describe a factual situation involving a duty that does not arise out of an actual contract and is associated
with a remedy designed to promote justice and fairness.
Question 7
Exculpatory Clause
Correct Answer
A provision in a contract whereby one of the parties attempts to relieve itself of tort liability, generally not enforced or
favored by courts.
Page 2 of 65
,Question 8
Policing
Correct Answer
A company that fails to adequately search for infringers and defend against such activities may lose some or all rights to
the trademark, usually involves a watch service.
Question 9
Copyright
Correct Answer
The exclusive right granted to the author of an original works, including literary, dramatic, musical, artistic, and certain
other intellectual works, to reproduce the work for a set period of time. Must be an original work of authorship and only
the tangible form is subject, no requirement to register, exists for the life of the author +70 years.
Question 10
Pre Existing Duty
Correct Answer
Detriment already exists, the promisor promises something that they are already under an obligation to perform, by law
or contract.
Page 3 of 65
, Question 11
Condition Subsequent
Correct Answer
A clause in a contract providing for the happening of an event that divests legal rights and duties.
Question 12
Legal Benefit
Correct Answer
When a party receives something they had no prior legal right to receive.
Question 13
False Misrepresentation
Correct Answer
Must include a wrongful material fact with an intent to deceive and innocent party must detrimentally rely on it.
Question 14
Freedom of Contract
Correct Answer
Parties have latitude to enter into any type of arrangement they desire.
Page 4 of 65
