1- Logan posts a sign next to his loaded truck that says he will pay $150 to anyone who unloads his truck.Storm sees the sign.Their contract is formed

Group of answer choices

when Storm unloads the truck.

when Storm reads Logan's offer.

when Storm gets the agreement in writing.

when Storm receives the $150 after unloading the truck.

2- If one party to a contract materially breaches the contract, the nonbreaching party no longer has to perform their part of the contract.

Group of answer choices

False

True

3- Steve agrees to sell his guitar to John for $300 in one week.The next day, Steve regrets his decision to sell.Steve

Group of answer choices

can back out of the deal if he does so before John gives him the $300

will be in material breach of the contract if he backs out

can reject the offer and make a counteroffer

can claim impossibility of performance

4-Over the phone, Juan offers to sell his road bike to Nigel for $2,000, and Nigel accepts.They agree to meet on Friday to exchange the bike for the money.On Thursday, Juan changes his mind and refuses to sell.If Nigel were to take Juan to court, the court would hold that the contract is

Group of answer choices

invalid and voidable

valid and unenforceable

invalid and unenforceable

valid and enforceable

5-Boris sky dives out of a plane and gets hung up in a tree upon landing.Natasha sees that he's in trouble and comes to his rescue. Once Boris is safely on the ground, he gratefully promises to give Natasha half of his life savings. When he changes his mind, Natasha will probably be unsuccessful in enforcing his promise because the contract involves

Group of answer choices

promissory estoppel

a material breach

past consideration

rescission

6-Gene bought a gas station from Pretty Good Gas Company without inspecting the property.Unknown to Gene, there was an underground leak in a gas storage tank, and gasoline was contaminating the soil and water.Because he didn't know of the leak at the time of purchase, Gene can assert the innocent landowner defense to avoid liability.

Group of answer choices

True

False

7- Dewey reproduces Hal's copyrighted work without paying royalties. Dewey is most likely exempt from (free from) liability for copyright infringement under the "fair use" doctrine if

Group of answer choices

Dewey's use has no effect on the market for Hal's work.

Dewey distributes the copies freely to the public.

Dewey copies the entire work.

Dewey's use is for a commercial purpose.

8- At Macy's department store, you see a pair of dress pants for sale for $60.You take the pants from the rack, put them on the sales counter, and take out your credit card.By these actions, you are indicating your acceptance of Macy's offer.

Group of answer choices

True

False

9- Glad Scientist, Inc. successfully clones a dairy cow.Glad Scientist can patent the cloned cow.

Group of answer choices

False

True

10- Jeff Stolle starts a small consulting business in Oregon under the name "Jeff Stolle Consulting."Shortly thereafter, another Jeff Stolle in Nebraska starts a small grocery product line called "Jeff Stolle's Fine Foods."The Oregon Jeff Stolle will likely be successful in a trademark dilution case against Nebraska Jeff Stolle.

Group of answer choices

True

False