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Final Exam- Business Law Questions and Answers 100% Correct
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Final Exam- Business Law Questions and Answers 100%Correct
contract example.
Isle said to maria If Maria helps her with her midterm. She would buy her a piece of jewelry
and maria agrees. Maria helps isle study, but isle did not buy her the necklace
Will maria sue? Correct-Physically Maria would not sue. However, this was an agreement.
This was a verbal contract. Maria could sue if she wanted to
The key to contract is to realize which promises we make is legally enforceable
legally enforceable
• if a party breaches do we have a right and a basis to go to court to enforce that promise
a boyfriend said if I go to the bally then you have to come with me to the jay z concert he goes
to the ballet and she did not go to the Jay-Z concert.He can not sue because this is not a
promise that is not legally enforceable Correct-message
There are four legal requirements for a legally enforceable agreement
, Final Exam- Business Law Questions and Answers 100%
Correct
What is a Contract? Correct-Contract is a legally enforceable agreement between 2 or
more competent parties (based on a promise) if someone breaches the contract they can be
provided with a remendy (that can be enforced in court).
In contract law . We're not focus on the promise or promises we are looking at the (Offeror or
offeree)
Someone makes an offer a person proposes an agreement (isle , said if you study with me
(offerer ). I would buy you the necklace (the person who's the offer is made to maria is the
offerey)
What makes a promise enforceable? If there is a legally binding agreement, which is a
contract
4 elements that are necessary to make an agreement valid or legally binding
are Correct-• Agreement- means there is an offer and acceptance ( the offerer must offer
and the oferee must accept )
, Final Exam- Business Law Questions and Answers 100%
Correct
• Consideration-the something of value that is given or promise to convince the other party to
enter into the agreement (it does not have to be money
(isle can say if you study with me for chem. I'll study with you for math)
• Contractual capacity- all parties in the agreement have to be legally competent to enter into
the agreement
• Legality- the bases of the agreement needs to be legal in nature. It has to be for a legal
purpose)
text book version
(1. Agreement. An agreement to form a contract
includes an offer and an acceptance. One party
must offer to enter into a legal agreement, and
, Final Exam- Business Law Questions and Answers 100%
Correct
another party must accept the terms of the offer.
2. Consideration. Any promises made by the parties
to the contract must be supported by legally suffi -
cient and bargained-for consideration (something
of value received or promised, such as money, to
convince a person to make a deal).
3. Contractual capacity. Both parties entering into
the contract must have the contractual capacity
to do so; the law must recognize them as possessing
characteristics that qualify them as competent
parties.
4. Legality. The contract's purpose must be to accomplish
some goal that is legal and not against public
policy.)
If there is a contract between the professor and Maria and both of them was b4 a judge and
maria thought the contract was something else than what it really was. Is the judge going to
agree with maria?
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