Exam (elaborations)
Exam- Business Law and Ethics Questions with Solutions
- Course
- Institution
Exam- Business Law and Ethics Questions with Solutions
[Show more]
Content preview
Exam- Business Law and Ethics Questions withSolutions
What is the definition of a contract? Correct-A promise that the law will enforce
Describe the various types of contracts? Correct-*Bilateral Contract
*Unilateral Contract
*Express Contract
*Implied Contract
*Executory Contract
*Executed Contract
*Valid Contract
Bilateral Contract Correct-Both parties make a promise
Unilateral Contract Correct-One party makes a promise that the other party can accept
only by doing something.
Express Contract Correct-The two parties explicitly state all important terms of their
agreement
, Exam- Business Law and Ethics Questions with
Solutions
Implied Contract Correct-The words and conduct of the parties indicate that they intended
on the agreement.
Executory Contract Correct-When one or more parties has not fulfilled its obligations
Executed Contract Correct-When all parties has fulfilled their obligations
Valid Contract Correct-Is one that satisfies all of the laws requirements
Identify and describe the theories of recovery in contract law. Correct-Express contract:
The parties intend to contract and agree on explicit terms.
Implied Contract: The parties do not formally agree, but their words and conduct indicate an
intention to create a contract.
Promissory Estoppel: Even when there is no contract, a plaintiff may us promissory estoppel
to enforce the defendants promise if he can show that.
-the defendant made a promise knowing that the plaintiff would likely rely on it.
, Exam- Business Law and Ethics Questions with
Solutions
-the plaintiff did rely on the promise, the the only way to avoid injustice is to enforce the
promise.
Quasi Contract: There is no intention to contract, but the plaintiff gives some benefits to the
defendant, who knows that the plaintiff expects compensation; it would be unjust not to
award the plaintiff damages.
What conditions would constitute a discharge of contract. Correct-Full performance &
Agreement
*A party is discharged when she has no more duties under a contract.
*Most contracts are discharged by full performance.
*Sometimes the parties discharge a contract by agreement.
*At times a court may discharge a party who has not performed.
Describe the conditions for a discharge of a contractual obligation. Correct-Full
Performance: The parties do what they promise.
Agreement: Termination by mutual agreement.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamRoom. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now