Business Law Final Exam Study Guide Exam Question and Answers
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Business Law Final Exam Study Guide Exam Question and Answers
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Business Law Final Exam Study Guide Exam Question and Answers Prevalence of contracts Answer: absolutely prevalent Sanctity of promises Answer: Rooting in western tradition Idea of keeping promises Morally important Economic necessity What is the heart of business? Answer: Contracts Contract Law Answer: Best area of law that we have Sources of contract law Answer: for all contracts except for sales and leases Function of contract law Answer: provide stability and predictability for convenience Defini tion of a contract Answer: promise or set of promises, for breach of which, the law provides a remedy or the performance of which the law in some way recognizes as a duty You make promises, you are expected to keep them, if you don't you have breached your duty Objective theory of contracts Answer: we determine what a contract and or its terms means by what the parties did, not by what the parties tell us they meant "Actions speak louder than words" Determined by the "reasonable person" standard The most important reason courts enforce contracts is/are Answer: contracts are a foundation of our economy T/F contract law emphasizes personal responsibility and accountability Answer: True Elements of a contract Answer: Agreement Consideration (value) Contract ual capacity Legality Types of contracts Answer: Bilateral Formal Informal Express Unilateral Implied Contract formation Answer: Bilateral formal express Unilateral informal implied Bilateral contract Answer: a promise for a promise; communication of a cceptance is necessary because of mutual exchange of promises Example of bilateral contract Answer: Jen will sell her bike to Bill for 100, Bill will buy the bike for 100 Unilateral contract Answer: a promise for an act; acceptance is evident and notific ation is not necessary Example of unilateral contract Answer: i'll pay 6,000 for when you finish completing painting my house, problem in a contract, different rule and remedies apply Formal contract Answer: requires specific form of creation, very few f ormal contracts Express contract Answer: formed by words Example of express contract Answer: i'll buy your bike at the end of the semester" written or oral Implied: formed by conduct of the parties T/F: an express contract has to be in writing Answer: F alse It can be written or oral - oral contracts are valid contracts Contract performance Answer: executed Executory Executed contract performance Answer: fully performed by both parties Executory contract performance Answer: not been fully performed in their exchange Ex. If J completed her part first but Bill has not Contract enforceability Answer: valid Enforceable Voidable Voidable (unenforceable) Void Valid contract Answer: a contract that has necessary contractual elements Example of a valid contr act Answer: Agreements, considerations, legal capacity of parties and legal purpose Enforceable (valid) contract Answer: a valid contract that can be enforced because there are no legal defenses against it Voidable contract Answer: party has the option o f avoiding or enforcing the contractual obligation Voidable (unenforceable contract) Answer: a contract exists but it cannot be enforced because of legal defense Void contract Answer: no contract exists, or there is a contract without legal obligations Quasi contract Answer: implied in the law No actual contract exists Equitable remedy created by courts and imposed on parties in the interest of fairness and justice T/F: an otherwise valid contract may still be unenforceable Answer: True: there may be a defense Interpretation of contracts Answer: 'Plain meaning" rule Contracts are interpreted as a whole Terms that are negotiated separately are given greater weight Specific wording is given greater weight than general language Written or typed written is given greater weight that pre printed 'Plain meaning" rule Answer: if terms are unclear or ambiguous court can admit "extrinsic" (external) evidence
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