BGEN361 - Business Law - Exam II Study Guide Test.

BGEN361 - Business Law - Exam II Study Guide Test. Statute of Frauds - CORRECT ANSWER Contracts that have to be in writing K is used to denote - CORRECT ANSWER Contracts Contract - CORRECT ANSWER Agreement Contract clause in the constitution - CORRECT ANSWER "No state shall pass any law impairing the obligation of contracts" Executed contract - CORRECT ANSWER Fully performed & signed Big difference in tort law and contract law - CORRECT ANSWER Element of consideration: give me what I want & I'll give you what you want Laissaz faire - CORRECT ANSWER "hands off" gov't leaves alone (Adam Smith - 1770s) When did the government step in regarding contracts? - CORRECT ANSWER Late 1800s Are oral contracts enforceable? - CORRECT ANSWER Generally, yes. Arbitration provision - CORRECT ANSWER DISPUTE RESOLUTION PROCEDURES Parties have agreed to skip legal route -- bypasses the court system & arbitration panel decides the dispute PROS: less expensive, quicker decision, more definitive (final and binding - no appeals), more protection w/ respect to confidential information Mediator - CORRECT ANSWER Neutral 3rd party, negotiator who pushes the parties towards settlement - voluntary UCC - Uniform Commercial Code - CORRECT ANSWER Contracts that deal with the sale or lease of goods (tangible products - physical, moveable) Oral Contract - CORRECT ANSWER courts will not enforce if it's over a certain dollar amount ($500) Bilateral contract - CORRECT ANSWER A promise for a promise - most US contracts Unilateral Contract - CORRECT ANSWER A promise in exchange for a performed act - Reward for action: lost pet or belongings Implied in face contract - CORRECT ANSWER Intent to contract (pump gas & pay for it example) Implied at law - CORRECT ANSWER No actions that implied intent to contract - but it is implied at law = tort of conversion (gas & running example)