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Exam- Business Law and Ethics Questions with Solutions
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Exam- Business Law and Ethics Questions with Solutions
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Exam- Business Law and Ethics Questions withSolutions
What is the definition of a contract? Correct-A promise that the law will enforce
Describe the various types of contracts? Correct-*Bilateral Contract
*Unilateral Contract
*Express Contract
*Implied Contract
*Executory Contract
*Executed Contract
*Valid Contract
Bilateral Contract Correct-Both parties make a promise
Unilateral Contract Correct-One party makes a promise that the other party can accept
only by doing something.
Express Contract Correct-The two parties explicitly state all important terms of their
agreement
, Exam- Business Law and Ethics Questions with
Solutions
Implied Contract Correct-The words and conduct of the parties indicate that they intended
on the agreement.
Executory Contract Correct-When one or more parties has not fulfilled its obligations
Executed Contract Correct-When all parties has fulfilled their obligations
Valid Contract Correct-Is one that satisfies all of the laws requirements
Identify and describe the theories of recovery in contract law. Correct-Express contract:
The parties intend to contract and agree on explicit terms.
Implied Contract: The parties do not formally agree, but their words and conduct indicate an
intention to create a contract.
Promissory Estoppel: Even when there is no contract, a plaintiff may us promissory estoppel
to enforce the defendants promise if he can show that.
-the defendant made a promise knowing that the plaintiff would likely rely on it.
, Exam- Business Law and Ethics Questions with
Solutions
-the plaintiff did rely on the promise, the the only way to avoid injustice is to enforce the
promise.
Quasi Contract: There is no intention to contract, but the plaintiff gives some benefits to the
defendant, who knows that the plaintiff expects compensation; it would be unjust not to
award the plaintiff damages.
What conditions would constitute a discharge of contract. Correct-Full performance &
Agreement
*A party is discharged when she has no more duties under a contract.
*Most contracts are discharged by full performance.
*Sometimes the parties discharge a contract by agreement.
*At times a court may discharge a party who has not performed.
Describe the conditions for a discharge of a contractual obligation. Correct-Full
Performance: The parties do what they promise.
Agreement: Termination by mutual agreement.
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