BMGT380 Midterm 2 Exam Questions With Verified Answers
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Course
BMGT 380
Institution
BMGT 380
BMGT380 Midterm 2 Exam Questions With
Verified Answers
Elements of a Contract - answerOffer
Acceptance
Consideration
Capacity
Legality
Bodies of Contract Law - answerCommon law
Uniform Commercial Code (UCC)
Contract - answerA legally enforceable promise or set of promises
Non-Contract Obl...
Contract is formed as soon as the promises are exchanged
Implied Contract - answer✔Contract is not expressly stated, but given the circumstances it
exists
i.e. When you go to the doctor, there is an implied contract that they will treat you and you will
pay the bill
Express Contract - answer✔Parties directly state the terms of their contract at the time the
contract is formed
Executory Contract - answer✔Contract is not completed
At least one party has yet to perform their duties
Voidable Contract - answer✔one or more of the parties have the legal right to cancel their
obligations under the contract
i.e. the contract was induced by fraud or deception
Offer Requirements - answer✔Present intent
Specificity of terms
Communication of offer to offeree
Present Intent - answer✔The intent to enter the contract upon acceptance. It signifies that the
offeror is not joking, haggling, or equivocating
Specificity of Terms - answer✔The terms of the contract are clearly laid out to both parties
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