Business Exam 2

What are the three most important elements of a valid contract that make up the following equation? O+A+C=K
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What are the three most important elements of a valid contract that make up the following equation? O+A+C=K
Offer + Acceptance + Consideration = Contract
What is a contract that consists of a promise seeking performance to form a contract?
Unilateral Contract
What is the name of the rule that certain types of contracts must be in writing to be enforceable?
The Statute of Frauds
What is a promise that is unenforceable due to indefiniteness or lack of mutuality?
Illusory Promise
What is something of value, given in exchange for something else of value, that is the product of a mutually bargained-for exchange?
Consideration
What are the three types of damages that are available in tort cases?
Compensatory, Nominal, and Punitive
What are the elements that must be proven to prevail when bringing a negligence claim?
Duty, Breach, Causation, and Harm/Damages
What distinguishes an assault from a battery?
Physical contact
What is the doctrine, which is latin for "the thing speaks for itself," that allows a court to infer that the defendant's negligence was the cause of the plaintiff's harm?
Res Ipsa Loquiter
What is the name for the defamation defense that applies to statements made by litigants or in documents submitted during a lawsuit?
Absolute Privilege
What are the three commonly used theories of recovery for defective products?Negligence, Strict Product Liability, and Breach of WarrantyWhat are the two different examples of defects?Manufacturing Defects and Design DefectsDoes a plaintiff need to have privity of contract with a defendant to bring a claim under a product liability cause of action?NoWhat distinguishes between strict liability and negligence claims under product liability?Duty is not relevant in strict liability claims, and the focus is on whether the product is defective and unreasonably dangerous.What kind of warranty arises when the seller tells the consumer a good is fit for a specific useWarranty of Fitness for a Particular PurposeWhat is the effect of a counteroffer?A counteroffer is a rejection of the original offer, and the creation of a new offer.When is an acceptance valid under the mailbox rule?When it is placed in the mail.What is the pre-existing duty rule?A promise to do something that you are already legally obligated to do is not valid consideration.What is Specific Performance?An equitable remedy requiring a breaching party to fulfill the terms of the agreement.What kinds of contracts can minors enter into?Voidable contractsWhat is the most all-encompassing interest in real property?Fee Simple AbsoluteWhat is the right to possess property for an agreed-upon period of time?A Leasehold EstateWhat kind of easement is acquired when one openly uses a portion of another's property for a specified period of time?An Easement by PrescriptionWhat is the government acquisition of private property for public use over protest of the owner of the propertyCondemnationWhat is an exception to the rule that a fixture is part of a piece of real estate?If the fixture is subject to a written agreement that states the fixture is personal property, or if the fixture is a trade fixture used in a commercial property.What protects a product, process, invention, machine, or plant that is novel, useful, and non-obvious?PatentsWhat doctrine states that material subject to a copyright may be reproduced for purposes of criticism, comment, news reporting, teaching, scholarship, and research?The Fair Use DoctrineWhat kind of intellectual property right protects the fixed form of the expression of an original, creative idea?CopyrightWhat remedies can the holder of a registered trademark pursue?They can pursue both an injunction, as well as recover damages.What is an advantage to protecting an invention using a trade secret over a patent?Patents expire, but trade secrets last forever (or as long as you keep the secret)