Lsb 3213 exam 2 - Study guides, Class notes & Summaries

LSB 3213 - exam 2 Practice Questions and Answers what is a contract? - Answer️️ -legally enforceable promise or set of promises what are the four basic required elements of a valid contract? - Answer️️ - Mutual Assent: parties to contract must indicate through words or behavior that they willingly agree to enter into contract Consideration: both sides must obtain something of value (legal benefit) and give something of value (legal detriment) Legality of purpose: contract must sa...

LSB 3213 Exam 2 OK State Practice Questions and Answers What are the sources of contract law? - Answer️️ -Common Law & UCC What is the purpose/policy behind contract law? - Answer️️ -To assure the parties to private agreements that the promises they make will be enforceable What is the objective theory of contracts? - Answer️️ -This looks at the circumstances that determine the intent of the parties. What are two defenses to the enforceability of a contract? - Answer️️ -T...

LSB 3213 Exam 2 Study Guide with Complete Solutions Retail Outlets, Inc., contracts with Smooth Paving Inc. to grade and pave a parking lot. Smooth assigns the contract to Tough Road Company, which has a poor record of completing projects. Retail could most successfully argue that the contract cannot be assigned because - Answer️️ -the assignment will materially increase the risk of nonperformance. In an exchange of e-mails, Rob, a landlord, and Sam agree to a lease of a certain apar...

EXAM 2: LSB 3213; Questions &Answers 100% Pass what is a contract? Correct Answer-legally enforceable promise or set of promises what are the four basic required elements of a valid contract? Correct Answer-Mutual Assent: parties to contract must indicate through words or behavior that they willingly agree to enter into contract

LSB 3213 Exam 1 (Okstate) Study Guide with Complete Solutions knowledge of "black-letter" law and what conduct leads to liability is enough - Answer️️ -false areas of law that affect business decision making - Answer️️ -contracts, intellectual property, product liability, torts, sales, internet law (privacy), environmental law torts defined - Answer️️ -common law jurisdiction; a civil wrong that causes someone else to suffer loss primary sources of law - Answer️️ -thos...

EXAM 2: LSB 3213 OK State; Questions &Answers 100% Correct What are the sources of contract law? Correct Answer-Common Law & UCC What is the purpose/policy behind contract law? Correct Answer-To assure the parties to private agreements that the promises they make will be enforceabl

LSB 3213 - Exam 5 All Answers Correct - If Warren experiences severe emotional distress after a rock crashes through his roof from Wiley Blasting Company, his best recovery theory against Wiley would be: ️Strict Liability - Written defamation is referred to as: ️Libel - Which statement is true regarding tortious interference with prospective advantage? ️The law protects against interference with potential business contracts and other business relationships. - What are the t...

LSB 3213 Exam 4 Practice Questions and Answers A condition precedent must be met before a party's performance can be required. - Answer️️ -True A party normally satisfies its duties under a contract by novation. - Answer️️ -False Complete performance occurs when conditions in a contract are - Answer️️ -fully satisfied. Performance that provides a party with most of the benefits of a contract, in spite of a deviation from the terms, is - Answer️️ -substantial performance...

LSB 3213 John Holden Oklahoma State Exam 3 Practice Questions and Answers All of the following are methods that a sole proprietorship can raise money except A) Private loans. B) Commercial loans. C) Sell ownership in the business. D) Line of credit - Answer️️ -Sell ownership in the business Which of the following is true about a sole proprietorship? A) It is subject to corporate income tax. B) Sole proprietorships face double taxation. C) The owner reports income and expenses on t...