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MGMT 209 Exam 2 || WITH CORRECT ANSWERS; GRADED A+ $12.99
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MGMT 209 Exam 2 || WITH CORRECT ANSWERS; GRADED A+
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contract law correct answers a system of rules for enforcing promises and breaking promises contract law gives extent to which promises correct answers 1. Are legally enforceable 2. consequences of breaking the promises societal level contracts correct answers provide a legal environment con...

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  • August 7, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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MGMT 209 Exam 2 || WITH CORRECT ANSWERS;
GRADED A+
contract law correct answers a system of rules for enforcing promises and breaking promises

contract law gives extent to which promises correct answers 1. Are legally enforceable
2. consequences of breaking the promises

societal level contracts correct answers provide a legal environment conductive to voluntary
exchanges

individual level contracts correct answers 1. the facilitation of mutually beneficial exchange
2. allocation of risks

2 functions of contracts correct answers 1. performance
2. risk allocation

contracts facilitate ____________ correct answers beneficial exchange

promise correct answers manifestation of intent to do or not do something

contract correct answers a legal agreement of the parties to do something not obligated to do
or to refrain from doing something legally entitled to

objective factors correct answers conduct of the party
the words spoken or written by the party
the circumstances surrounding the transactions

express contract correct answers stated orally, written contract

implied contract correct answers inferred from the conduct of the parties

quasi contracts correct answers not a true contract
applied in-law contract
rare

unconditional contract correct answers absolute, must preform contract

conditional contract correct answers no duty to perform if condition not met

offeror correct answers party making the offer

offeree correct answers party to whom the offer is made

promisor correct answers promise to do or not to do something

promisee correct answers party to whom the promise is made

bilateral contract correct answers mutual exchange of promise

, accepts by a promise
"promise for a promise'

unilateral contract correct answers one promisor
offeree accepts by performance
"promise for an act"

bilateral enforced correct answers once promise is made by the offeree

unilateral enforced correct answers once performance is performed by offeree;
performance is acceptance

executory contract correct answers not fully performed by either party

executed contract correct answers contract has been fully performed by all parties

partially executed correct answers executory; one party has completed work, the other party
has not

breach of contract correct answers the most common form of lawsuit

elements of a contract correct answers mutual agreement, consideration, capacity, legality,
genuine and real assent to the contract, some may be in writing

Texas element of a contract correct answers offer, acceptance, meeting of the minds, each
party must consent to the terms, if must be in writing - executed, delivered with the intent that
it be mutual and binding -, consideration, legality, capacity

agreement correct answers mutual assent

offer correct answers promise to enforce an agreement

non-offers correct answers preliminary negotiations, advertisements, auctions

ways to terminate an offer correct answers terminate by the person, termination by law

termination by the person correct answers revocation, rejection, lapse of time, counteroffer

termination by law correct answers intervening illegality, subject matter of offer is destroyed,
insanity or death of offeror or offeree

revocation correct answers offeror takes back the offer prior to acceptance by the offeree

rejection correct answers offeree says no

counteroffer correct answers 1. rejection 2. new offer 3. parties switch - offeror becomes the
offeree, offeree becomes the offeror

acceptance correct answers offeree's expression of assent/agreement to the exact terms of the
offer

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