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Exam 2- Business Law Questions and Answers 100% Solved
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Exam 2- Business Law Questions and Answers 100% Solved
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Exam 2- Business Law Questions and Answers 100%Solved
Elements of a Contract Correct-Agreement, Consideration, Lawful object, Contractual
Capacity
Agreement Correct-Requires and offer by the offeror and an acceptance by the offeree
Measured by the objective conduct of the parties
Offer and acceptance. Offer conveys the right to form the contract.
Consideration Correct-bargained-for consideration that is legally sufficient
Contractual Capacity Correct-parties to a contract must have _____. Certain parties do not
have this.
Lawful Object Correct-objects of the contract must be lawful.
If the subject of a contract is illegal the contract is ... Correct-void
, Exam 2- Business Law Questions and Answers 100%
Solved
Bilateral Contract Correct-a contract entered into by way of exchange of promises of the
parties
"a promise for a promise"
A contract that contemplates future performance
Unilateral Contract Correct-A contract in which the offeror's offer can be accepted only by
the performance of an act by the offeree
"a promise for an act"`
Express Contract Correct-An agreement that is expressed in written or oral words
Implied-in-fact contract Correct-An agreement between two parties has been inferred
from their conduct
Valid Contract Correct-Contract that meets all of the essential elements to establish a
contract and is enforceable by at least one of the parties
, Exam 2- Business Law Questions and Answers 100%
Solved
Void Contract Correct-A contract that has no legal effect. Neither party is obligated to
perform and neither can enforce the contract.
Voidable Contract Correct-Contract where one or both parties have the option to avoid
their contractual obligations, and if a contract is avoided both parties are released from their
contractual obligations
Unenforceable Contract Correct-A contract where the essential elements to create a valid
contract are met, however there is some legal defense to the enforcement of the contract
Quasi-Contracts Correct-Implied-in-law contracts
These are not contracts. Allows a court to award monetary damaged to a plaintiff for
providing work or services to an defendant even though no actual contract existed between
the parties
Intended to prevent unjust enrichment or detriment
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