Exam (elaborations)
CSEC Principles Of Business - Section A - Unit Four: Legal Aspects Of the Business
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CSEC Principles Of Business - Section A - Unit Four: Legal Aspects Of the Business
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CSEC Principles Of Business - Section A- Unit Four: Legal Aspects Of the
Business
Contract - correct answer ✔✔a legally binding agreement between parties
Key Elements Of A Contract - correct answer ✔✔offer, consideration and acceptance, agreement and
creation of legal relations
Factors that Affect the Validity - correct answer ✔✔Capacity (competence), Form (verbal or written),
Content, Genuine Consent, Illegality
Offer - correct answer ✔✔a presentation of one's willingness to enter into a contract with another party.
Acceptance - correct answer ✔✔the unconditional agreement to accept the terms of the offer
Counter-offer - correct answer ✔✔the rejection of the original offer made by the offeror, and the
presentation of an offer in return
Invitation To Treat - correct answer ✔✔the invitation made to another party to make an offer
Consideration - correct answer ✔✔a tangible benefit must be exchanged in order for a contract to be
valid
Executory Consideration - correct answer ✔✔mutual promises to perform acts in the future
Executed Consideration - correct answer ✔✔one party promises to do something if the other party
performs an act
, Past Consideration - correct answer ✔✔if the act is performed before a promise was made, the
consideration is invalid
Types Of Contracts - correct answer ✔✔simple contract, specialty contract (formal agreement in writing,
also called deed), contracts of record (handed down by court order)
Discharge Of A Contract - correct answer ✔✔may occur in the following instances: Performance,
Agreement, Frustration, Breach
Termination Of A Contract - correct answer ✔✔may occur in the following instances: Legislation,
Impossibility, Breach, Rescission (termination based on misinterpretation, illegal actions or a mistake,
Completion
Insurance - correct answer ✔✔a legal contract in which the insurer promises to pay a specified amount
to another party, the insured, if a particular event happens and the insured suffers a financial loss as a
result.
Actuaries - correct answer ✔✔persons who calculate risk
Premium - correct answer ✔✔the expense incurred to pay the insurance
Principles Of Insurance - correct answer ✔✔utmost good faith, insurable interest, proximate cause,
indemnity, subrogation, contribution, average clause
Assurance - correct answer ✔✔based on risk that is bound to happen
Whole Life Policies - correct answer ✔✔payable at they death of the insured
Term Policies - correct answer ✔✔taken for a specified period of time
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