Business Law Final Saunders Belmont | Latest Update | 2024/2025 | 100% Pass
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Business Law FinSaunders Belmont
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Business Law FinSaunders Belmont
Business Law Final Saunders Belmont |
Latest Update | 2024/2025 | 100% Pass
What is the purpose of a contract in business law?
A contract serves as a legally binding agreement between parties that outlines their rights
and obligations.
What distinguishes a unilateral contract from a bil...
Business Law Final Saunders Belmont |
Latest Update | 2024/2025 | 100% Pass
What is the purpose of a contract in business law?
✔✔ A contract serves as a legally binding agreement between parties that outlines their rights
and obligations.
What distinguishes a unilateral contract from a bilateral contract?
✔✔ A unilateral contract involves one party making a promise in exchange for an act, while a
bilateral contract involves mutual promises between two parties.
What are the essential elements required for a contract to be considered legally enforceable?
✔✔ The essential elements are offer, acceptance, consideration, capacity, and legality.
What is meant by "consideration" in a contract?
1
,✔✔ Consideration refers to something of value exchanged between parties in a contract, which
is required for the contract to be valid.
How can a contract be discharged by performance?
✔✔ A contract is discharged by performance when both parties fulfill their obligations as agreed
in the contract.
What is "capacity" in the context of contract law?
✔✔ Capacity refers to the legal ability of a party to enter into a contract, including being of
sound mind and of legal age.
What are "liquidated damages," and how do they differ from "penalties"?
✔✔ Liquidated damages are predetermined amounts specified in a contract for breach, whereas
penalties are generally unenforceable and intended to punish the breaching party.
How does the concept of "consideration" apply to modifications in an existing contract?
2
, ✔✔ For a modification to be enforceable, it must involve new consideration or mutually agreed-
upon changes to the original contract terms.
What is the difference between "fraud" and "misrepresentation" in contract law?
✔✔ Fraud involves intentional deceit to induce someone into a contract, while misrepresentation
involves false statements made without intent to deceive.
What remedies are available for breach of contract?
✔✔ Remedies for breach of contract include damages, specific performance, and rescission.
What is the "mirror image rule" in contract law?
✔✔ The mirror image rule states that an acceptance must exactly match the terms of the offer for
a contract to be formed.
What constitutes "breach of contract"?
3
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