Exam (elaborations)
Contracts-Business Law Questions and Answers
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Contracts-Business Law
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Contracts-Business LawContract - answer Legally enforceable agreement
Elements of a Contract - answer Offer
Acceptance
Consideration
Legality
Capacity
Consent
Writing
Agreements concerning sale of goods valued at more than _____ must be in writing. -
answer$500
Agreements made under threats of violence are not enforceable contracts -
answerDuress
Contracts can involve ______ or ________ - answerPublic issues or private matters
Noncompetition Agreement - answerA contract in which one party agrees not to
compete with another
Bilateral contract - answerBoth parties make a promise for a promise
Examples of a bilateral contract - answerCash for services, acting contract, sale of
goods
Unilateral contract - answerA promise for an action
Example of a unilateral contract - answerReward for finding lost dog
Executory contract - answerAn agreement in which one or more parties has not yet
fulfilled its obligations
Executed contract - answerAn agreement in which all parties have fulfilled their
obligations, nothing left to do
Valid contract - answerOne that satisfies all of the laws requirements and a court will
enforce it
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