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Business law - Contract Law Questions with Solutions
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Business law - Contract Law
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Business law - Contract LawContract - answer between two or more parties that is enforceable by the court of law
Elements of a contract - answer1. Agreement = Proper author, Proper accepts
2. Consideration = For something of legal value ( I agreed to pay 10K to paint apartment
, you agreed to do it)
3. Capacity
4. Genuine assent (author of text book points it out as defence) = 5/ Voluntary coming
together
5. Legal purpose - The objective of the contract must be for a legal purpose. For
example, a contract for illegal distribution of drugs is not
a binding contract because the purpose for which it exists is not leg
The characters of our play - answerOfferor/promise giving the contract
Offeree/promise
Contract that need to be writting - answera. Any contract for sale of land
b. Any contract for more than one year
merchant you are governed by - answeruniform commercial code and 5 elements of
common law
Bilateral - answerfor a promises
Example you rent my apartment, you pay $X)
Unilateral - answera promise for an act / an agreement to pay for nonperformance.
Example: Rewards, I will pay you $1,000 if you bring my car from Cleveland to San
Francisco." Bringing the car is acceptance.
Formal contract - answerUse guide lines based on a industry or formalized contract on
court.
Executed - answercompleted contract
executory - answerSomething not yet performed or done.
Examples: an executory contract is one in which all or part of the required performance
has not been done; an executory bequest is a gift under a will which has not been
distributed to the beneficiary
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