Business Law FINAL EXAM Study Guide 2024/2025 | Fall & Spring Semesters
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Course
Business law
Institution
Business Law
Business Law FINAL EXAM Study Guide
2024/2025 | Fall & Spring Semesters
What are the essential elements of a valid contract?
Offer, acceptance, consideration, legality, and capacity.
stare decisis Doctrine that requires lower courts to adhere to existing case law in making
decisions
When d...
Business Law FINAL EXAM Study Guide
2024/2025 | Fall & Spring Semesters
What are the essential elements of a valid contract?
Offer, acceptance, consideration, legality, and capacity.
stare decisis Doctrine that requires lower courts to adhere to existing case law in making
decisions
When does the "mirror image rule" apply in contract law?
It applies when the terms of the acceptance must exactly match the terms of the offer for a
valid contract to be formed.
What is the legal significance of consideration in a contract?
It refers to something of value exchanged between parties to form a binding agreement.
Under the doctrine of promissory estoppel, when can a promise be enforced without
consideration?
When the promisor makes a promise that the promisee relies on to their detriment.
What is an "invitation to treat"?
1
, It is an indication that a party is willing to negotiate terms, but it is not an offer capable of
acceptance.
What is the difference between a condition and a warranty in contract law?
A condition is a major term of the contract, while a warranty is a minor term.
When does a contract become voidable?
When one party has the option to rescind the contract due to fraud, misrepresentation, duress,
or undue influence.
What is the legal principle of "quantum meruit"?
It allows a party to recover the value of work done or services rendered in the absence of a
formal contract.
How can a contractual offer be terminated?
By revocation, rejection, lapse of time, or failure of a condition.
What is the difference between express and implied terms in a contract?
Express terms are explicitly stated, while implied terms are not stated but are assumed to
exist based on the nature of the agreement.
What does the "parol evidence rule" dictate?
2
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