Exam (elaborations)
Business Law - Review For Final |Questions with Correct Solutions
- Course
- Institution
Business Law - Review For Final |Questions with Correct Solutions
[Show more]
Content preview
Business Law - Review For Final |Questions withCorrect Solutions
A contract that is legally binding and fully enforceable is known as __________ - ✔✔Valid
contract
A proposal made by one party that he or she is willing to enter a contract is known as _______ -
✔✔Offer
A contract that has no legal effect - ✔✔Void contract
Any agreement that is enforceable by law is known as ______ - ✔✔Contract
A contract that comes about by the acts of the parties is known as _______ - ✔✔Implied
Contract
An unqualified agreement by the offer to be bound by the offer is known as _______ -
✔✔Acceptance
An offer that has been changed by the offer is known as ______ - ✔✔Counter-offer
A contact stated in oral or written words is known as _____ - ✔✔Express Contract
A contract in which both parties make promises is known as a _________ - ✔✔Bilateral
Contract
A contract in which one party makes a promise in exchange for an act is known as a _________
- ✔✔Unilateral Contract
,Three Requirements of an offer - ✔✔Made seriously, must be definite and certain, and must
be communicated to the offeree
5 ways an offer can come to an end - ✔✔Revocation, Rejection, Counter-offer, Expiration of
Time, Death or Insanity
6 elements of a contract - ✔✔Offer, Acceptance, Genuine Agreement, Consideration,
Capacity, Legality
Contracts can be classified in what four ways? - ✔✔Voidable, Unenforceable, Express
Contract, Implied Contract
Advertisements are considered _____ - ✔✔Invitations to negotiate
Is an oral contract enforceable in the court of law? - ✔✔Yes
Difference between void contract and unenforceable contract - ✔✔Void is when it can be
voided, Unenforceable is when it can't be upheld by the court
Difference between Void contract and voidable contract - ✔✔Void contract has no legal
effect and voidable contract is when the contract can be voided
Difference between bilateral and unilateral contract - ✔✔Bilateral is when both parties make
promises and unilateral is when only one party makes a promise
Difference between a express contract and implied contract - ✔✔Express is stated in words
or written and implied is when it happens in action
, To be valid an acceptance must meet what two requirements - ✔✔Unconditional and
communicated back to party, the acceptance must be a mirror image of the offer
6 element of contract: offer, acceptance, genuine agreement, consideration, capacity and
__________ - ✔✔legality
Offer must be seriously intended, definite and certain, and ___________ -
✔✔communicated to the offeree
5 ways an offer can end: revocation, rejection, counteroffer, death or insanity and
____________________ - ✔✔expiration of time
4 classifications of contracts: valid, void, voidable and unenforceable, bilateral or unilateral, oral
or written and - ✔✔express or implied
void contract - no ___________ at all - ✔✔legal
unenforceable contract will not be upheld by a ___________ of law - ✔✔court
a voidable contract can be voided or ______________ by at least one of the parties -
✔✔rescinded
bilateral contract - ___________ parties make promises - ✔✔both
unilateral contract - ___________ party makes a promise in exchange for an act - ✔✔one
express contract - stated in oral or ______________ words - ✔✔written
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 Examsplug. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77988 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now