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Business Law Final Exam | Latest Update | 2024/2025 | 100% Verified
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Business Law Final Exam | Latest Update | 2024/2025 | 100% Verified What does the doctrine of consideration require in a contract? It requires that something of value be exchanged between parties for a contract to be valid. How does legal capacity affect the formation of contracts? L...

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  • August 30, 2024
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  • 2024/2025
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Business Law Final Exam | Latest
Update | 2024/2025 | 100% Verified


What does the doctrine of consideration require in a contract?




✔✔ It requires that something of value be exchanged between parties for a contract to be valid.




How does legal capacity affect the formation of contracts?




✔✔ Legal capacity ensures that parties must be competent and of legal age to be bound by the

agreement.




What does the parol evidence rule limit?




✔✔ It limits the use of outside oral or written statements to alter or contradict the written terms

of a contract.




What is the best evidence rule?


1

,✔✔ It requires presenting the original document in court if its contents need to be proven.




What is fraudulent misrepresentation in a contract?




✔✔ It occurs when one party intentionally provides false information to induce another party to

enter into a contract.




What are equitable remedies?




✔✔ Equitable remedies are non-monetary solutions, such as specific performance or injunctions,

that may be ordered by a court to enforce a contract or address a breach.




How does unilateral mistake differ from mutual mistake?




✔✔ A unilateral mistake involves one party being mistaken about a material fact, while a mutual

mistake involves both parties being mistaken about a fact central to the contract.




What does capacity to contract include?
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, ✔✔ It includes being of sound mind, legal age, and not under the influence of drugs or alcohol

when forming the contract.




What does performance refer to in contract obligations?




✔✔ Performance refers to fulfilling the terms and conditions set forth in the contract as agreed

upon by the parties.




What are the implications of a material breach of contract?




✔✔ A material breach is a significant failure to perform contractual obligations that allows the

non-breaching party to terminate the contract and seek damages.




Jurisdiction in Bankruptcy ✔✔based on the importance of the issues it must address, the need to

enforce its orders, and the reliance placed on the soundness and finality of those orders by

participants in the system. The jurisdiction of a court thus must be the form that follows the

court's function. The function of the bankruptcy court is to provide a collective proceeding to

treat all claims and interests in the property of a debtor's estate. The cost of administering these



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