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Legal & Ethical Environment Of Business - Exam 2 Study Guide - Perry Binder (GSU 2018): Qs And As
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Legal & Ethical Environment Of Business - Exam 2 Study Guide - Perry Binder (GSU 2018): Qs And As
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Legal & Ethical Environment Of Business - Exam 2Study Guide - Perry Binder (GSU 2018): Qs And As
What are the elements of an expressed contract? Right Ans - 1. Offer (can
be written or oral)
2. Acceptance
3. Consideration
4. Capacity
5. Legality
6. Intent
What's an expressed contract? Right Ans - An agreement that is expressed
in oral or written words; an actual at law
Most Contracts are... Right Ans - Expressed contracts
Counteroffer Right Ans - - When the offeror rejects and comes up with new
terms
- A response by an offeree that contains terms and conditions different from
or in addition to those of the offer
- Counter offer terminates original offer!!!!!
Consideration Right Ans - - Both sides give up & receive semi-equal value
- Something of legal value given in exchange for a promise. Both sides must
give up & receive qual value.
Past Consideration Right Ans - - Bad consideration; no consideration; when
offer is made after you acted
- A prior act or performance. Does not support a new contract, which means
new consideration must be given.
Promissory Estoppel/ Detrimental Reliance Right Ans - - Action @ equity
- You made a promise... I relied on it... and I was harmed
Capacity Right Ans - A person is legally able to enter a contract (age, state
of mind, etc)
, Void Contract Right Ans - - No Legal effort (minor, intoxication, insanity,
undue influence)
Voidable Contract Right Ans - - One side can choose to enforce the contract
- One or more parties has the option to void their contractual obligation. If
contract is voided, both parties are released from obligation. One side can
choose to enforce, then judge decides. Some are unenforceable.
Minor Right Ans - - Contract is voidable of minor.
- 3 exceptions: Business contracts, student loans, and contract of necessity
(food, clothing, shelter)
Intoxication Right Ans - Contract is voidable once intoxicated person
sobers up.
Insanity Right Ans - Voidable if judge or court rules they lack capacity or
has previously lacked capacity.
Undue Influence Right Ans - - No Force! Person in position of trust plays
your trust to get what they want.
Duress Right Ans - - FORCED you illegally in signing a contract
Legality Right Ans - - Have to be legal to sue
- Contract is legally valid
- Void if usury or illegal gambling)
Usurious Right Ans - By law someone is charging to high an interest rate in
contract; DEAD!
- Ex. Pawn shop overcharge interest
Intent Right Ans - - No mutual mistake
- Mutual mistake on a current issue, it won't be enforced.
- Review number in contract because if there's a unilateral mistake you're
screwed!!!!
Wells Fargo Case is an example of... Right Ans - A unilateral mistake
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