Business Law Module 1 Questions and Answers | Latest Update | 2024/2025 | Rated A+
5 views 0 purchase
Course
Business Law Module 1
Institution
Business Law Module 1
Business Law Module 1 Questions and
Answers | Latest Update | 2024/2025 |
Rated A+
What is contract law?
Contract law governs the creation, enforcement, and interpretation of agreements between
parties.
What makes a contract valid?
A valid contract requires an offer, acceptance, ...
Business Law Module 1 Questions and
Answers | Latest Update | 2024/2025 |
Rated A+
What is contract law?
✔✔ Contract law governs the creation, enforcement, and interpretation of agreements between
parties.
What makes a contract valid?
✔✔ A valid contract requires an offer, acceptance, consideration, and mutual intent to be bound.
How do bilateral and unilateral contracts differ?
✔✔ Bilateral contracts involve mutual promises, while unilateral contracts involve a promise in
exchange for a performance.
What is meant by consideration in a contract?
1
,✔✔ Consideration refers to something of value exchanged between parties in the agreement.
What does capacity refer to in contract law?
✔✔ Capacity means the legal ability to enter into a binding contract, requiring parties to be of
legal age and mentally competent.
What happens in a breach of contract?
✔✔ A breach of contract occurs when one party fails to fulfill their obligations as specified in
the agreement.
What remedies are available for a breach of contract?
✔✔ Remedies include damages, specific performance, and rescission, depending on the breach.
What is the statute of limitations in contract law?
2
, ✔✔ The statute of limitations is the time period within which a legal action for breach of
contract must be initiated.
What is the role of contractual terms?
✔✔ Contractual terms define the rights and obligations of each party involved in the contract.
What does capacity to contract mean?
✔✔ Capacity to contract means that parties must have the legal ability to enter into a contract,
such as being of sound mind and legal age.
What is the difference between an express contract and an implied contract?
✔✔ An express contract is directly stated and agreed upon, while an implied contract is formed
based on actions or circumstances.
What is considered an offer in contract law?
3
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 SterlingScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.74. You're not tied to anything after your purchase.
