Question 1

The Tavern's secret recipe for its pizza sauce would be considered

Accepted Answer

A) a trade secret, and an employment noncompete clause would be enforceable to protect it. 
B) a trade secret, and an employment noncompete clause would NOT be enforceable to protect it. 
C) just a secret recipe and not something the Tavern could protect in a noncompete clause. 
D) an exculpatory clause and not enforceable. 
A) a trade secret, and an employment noncompete clause would be enforceable to protect it. 
B) a trade secret, and an employment noncompete clause would NOT be enforceable to protect it. 
C) just a secret recipe and not something the Tavern could protect in a noncompete clause. 
D) an exculpatory clause and not enforceable.

Question 2

Marcy and Elliot are both sophisticated merchants who deal in diamonds.Marcy contracted to purchase a diamond for $20,000.The day after the purchase,Marcy took the diamond to a jeweler's show but the highest offer for the diamond was only $10,000.Is Marcy's contract for purchase of the diamond for $20,000 unconscionable?

Accepted Answer

Probably not.The parties had equal barga

Question 3

Virginia borrowed money from G & L Lending at 35% interest per year.The state maximum interest rate is 20% per year.Virginia defaulted on the loan.What amount can G& L collect from Virginia?

Accepted Answer

A) G & L will be able to collect the principal plus 20% interest per year. 
B) G & L will be able to collect the principal but not any interest. 
C) G & L will not be able to collect either the principal or interest. 
D) Any one of the above may be correct. The answer depends on the particular state law. 
A) G & L will be able to collect the principal plus 20% interest per year. 
B) G & L will be able to collect the principal but not any interest. 
C) G & L will not be able to collect either the principal or interest. 
D) Any one of the above may be correct. The answer depends on the particular state law.

Question 4

Usury laws are designed to protect consumers from

Accepted Answer

A) obtaining loans to gamble on credit. 
B) taking insurance polices out on the life of another. 
C) companies charging excess interest on loans. 
D) professionals practicing a trade without a valid license. 
A) obtaining loans to gamble on credit. 
B) taking insurance polices out on the life of another. 
C) companies charging excess interest on loans. 
D) professionals practicing a trade without a valid license.

Question 5

When a licensing requirement is designed merely to raise revenue,a contract made by an unlicensed person is generally enforceable.

Accepted Answer

A) True 
 B)False

Exam 14: Legality

The Tavern's secret recipe for its pizza sauce would be considered

Virginia borrowed money from G & L Lending at 35% interest per year.The state maximum interest rate is 20% per year.Virginia defaulted on the loan.What amount can G& L collect from Virginia?

Usury laws are designed to protect consumers from

When a licensing requirement is designed merely to raise revenue,a contract made by an unlicensed person is generally enforceable.

Introduction to Law

Business Ethics and Corporate Social Responsibility

International Law

Common Law, Statutory Law, and Administrative Law

Constitutional Law

Dispute Resolution

Crime

Intentional Torts and Business Torts

Negligence, Strict Liability, and Product Liability

Cyberlaw and Privacy

Introduction to Contracts

Agreement

Consideration

Capacity and Consent

Written Contracts

Third Parties

Performance, Breach and Discharge

Remedies

Practical Contracts

Introduction to Sales

Ownership, Risk and Warranties

Performance and Remedies

Secured Transactions

Creating a Negotiable Instrument

Liability for Negotiable Instruments

Accountants' Liability

Agency Law

Employment and Labor Law

Employment Discrimination

Starting a Business: LLCs and Other Options

Partnerships

Life and Death of a Corporation

Management Duties

Shareholder Rights

Bankruptcy

Securities Regulation

Antitrust

Consumer Protection

Environmental Law

Intellectual Property

Real Property and Landlord Tenant

Personal Property and Bailment

Planning for the Future: Estates and Insurance

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