51)T/FPromissory estoppel can be a substitute for consideration and is based in equity.

52)T/FAn agency relationship consists of three parties:a principle, agent and third party.

53)T/F Apparent authority is a doctrine that may assign responsibility to a principle that leads a

third-party to believe that an agent has actual authority to act in the principle's behalf.

54)T/F Determining the amount of control one has over a hired or contracted with person is a way to determine whether one is an employee or independent contractor.

55)T/F When a principle is undisclosed, it means that the third party not only does not know the identity of the principle but that the third party does not know that there is an agency.

56)T/F Some agency relationships are based in tort and others in contract.

57)T/F "Scope of employment" is a test to determine whether an employer is responsible for the torts of an employee.

58)Intellectual property is property created by the mind and includes:

a)trade dress

b)trademark

c) copyright

d)all of the above

59)T/F A patent can protect an invention, product or process for example.

60)T/F Trade dress refers to the overall image and overall appearance of a product.

61)T/F Patent life is an important public policy and business issue for the pharmaceutical

industry.

62)T/FAn illusory promise is always valid consideration.

63)T/FA pre-existing duty does not constitute valid consideration.

64)T/FThe well established rule is that "past consideration is no consideration."

65)T/FPromissory estoppel is an equitable remedy and it can be used to supply the missing

element of consideration so that a party has an enforceable contract.

66)T/FThe unconscionable rule is found in the UCC, Art. 2Sale of Goods.

67)T/FIf the bargaining positions of the parties are very unequal and an exorbitant price has

been charged to the innocent party, a court may apply the unconscionable rule to the

contract or part of it.

68)T/FLiquidated damages are those that are undetermined.

69)T/FAn "accord and satisfaction"is a way to settle payment disputes when the amount is

disputed or the parties disagree as to the amount.

70)T/FA covenant not-to-compete is generally valid if it is reasonable in time and geographic

area.

71)T/FSabbath laws have traditionally included the regulation of the sale of alcohol among the

States.

72)T/F An exculpatory clause is considered to be illegal as against public policy.

73)T/FGenerally, courts do not weigh whether one makes a good bargain in regard to the

consideration exchanged.

74)T/FA bilateral contract is a promise exchanged for a promise.

75)T/FWhen a debt is unliquidated, the parties may enter into an "accord and satisfaction."

76)T/FIn most states, a minor is someone under the age of 18.

77)T/FMinors are responsible for "necessaries" such as clothes, food and shelter.

78)T/FA minor's contract for luxury items is voidable.

79)T/FOnly the minor has a right to disaffirm or void his/her contract, not the adult.

80)T/FThe minor's obligations upon disaffirming a contract vary from State to State.

81)T/FAn intoxicated person's contract is voidable.

82)T/FA mentally deficient person's (lucid intervals) contracts are never voidable.

83)T/FWIPO stands for the World Intellectual Property Organization headquartered in

Geneva, Switzerland, that administers many IP treaties.

84)T/FAn agent represents a principle both of whom may have varying legal liability to third-

parties depending on type of disclosure:fully, partially, or undisclosed principle.

85)T/FParol evidence is oral evidence that generally cannot be used to change material terms

of a written contract.

86)T/FThere are exceptions to the parol evidence rule such as prior dealings or usage of trade

and ambiguous terms.

87)T/FGenerally, parties are free to contract as they wish as long as the contract does not

violate public policy.

88)T/FPartial performance of a contract can amount to proof of a contract.

89)T/FA pre-nuptial agreement rarely requires a writing.

90)T/FContracts can be discharged by mutual agreement and thereby be rescinded.

91)T/FDischarge by performance means that parties can discharge their obligation by doing

what they respectively agreed to do under the terms of the contract.

92)T/FThere are two primary types of performance:complete and substantial.

93)T/FA breach occurs whenever a party fails to perform her/his obligation under the contract.

94)T/FSubstantial performance discharges party "A's" responsibilities under the contract

although the court may require that party "A" compensate the other party under the

contract.

95)T/FImpossibility of performance can discharge a contract for example a contract for

tomatoes when a flood has destroyed the crop.

96)T/F Punitive damages are rarely awarded in contract law.

97)T/FParties may specify in advance what liquidated damages are if there is a particular kind

of breach.

98)T/FSpecific performance requires a breaching party to fulfill the terms of the agreement

but only when money damages are inadequate such as for the unique subject matter of real

property.

99)T/FAn injuction is a court order that commonly prohibits a person from doing something.

100)T/FCourts do not allow a non-breaching party to intentionally increase his/her damages

according to the principle of mitigation of damages.