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Business Law - Review For Final |Questions with Correct Solutions
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Business Law - Review For Final |Questions with Correct Solutions
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Business Law - Review For Final |Questions withCorrect Solutions
A contract that is legally binding and fully enforceable is known as __________ - ✔✔Valid
contract
A proposal made by one party that he or she is willing to enter a contract is known as _______ -
✔✔Offer
A contract that has no legal effect - ✔✔Void contract
Any agreement that is enforceable by law is known as ______ - ✔✔Contract
A contract that comes about by the acts of the parties is known as _______ - ✔✔Implied
Contract
An unqualified agreement by the offer to be bound by the offer is known as _______ -
✔✔Acceptance
An offer that has been changed by the offer is known as ______ - ✔✔Counter-offer
A contact stated in oral or written words is known as _____ - ✔✔Express Contract
A contract in which both parties make promises is known as a _________ - ✔✔Bilateral
Contract
A contract in which one party makes a promise in exchange for an act is known as a _________
- ✔✔Unilateral Contract
,Three Requirements of an offer - ✔✔Made seriously, must be definite and certain, and must
be communicated to the offeree
5 ways an offer can come to an end - ✔✔Revocation, Rejection, Counter-offer, Expiration of
Time, Death or Insanity
6 elements of a contract - ✔✔Offer, Acceptance, Genuine Agreement, Consideration,
Capacity, Legality
Contracts can be classified in what four ways? - ✔✔Voidable, Unenforceable, Express
Contract, Implied Contract
Advertisements are considered _____ - ✔✔Invitations to negotiate
Is an oral contract enforceable in the court of law? - ✔✔Yes
Difference between void contract and unenforceable contract - ✔✔Void is when it can be
voided, Unenforceable is when it can't be upheld by the court
Difference between Void contract and voidable contract - ✔✔Void contract has no legal
effect and voidable contract is when the contract can be voided
Difference between bilateral and unilateral contract - ✔✔Bilateral is when both parties make
promises and unilateral is when only one party makes a promise
Difference between a express contract and implied contract - ✔✔Express is stated in words
or written and implied is when it happens in action
, To be valid an acceptance must meet what two requirements - ✔✔Unconditional and
communicated back to party, the acceptance must be a mirror image of the offer
6 element of contract: offer, acceptance, genuine agreement, consideration, capacity and
__________ - ✔✔legality
Offer must be seriously intended, definite and certain, and ___________ -
✔✔communicated to the offeree
5 ways an offer can end: revocation, rejection, counteroffer, death or insanity and
____________________ - ✔✔expiration of time
4 classifications of contracts: valid, void, voidable and unenforceable, bilateral or unilateral, oral
or written and - ✔✔express or implied
void contract - no ___________ at all - ✔✔legal
unenforceable contract will not be upheld by a ___________ of law - ✔✔court
a voidable contract can be voided or ______________ by at least one of the parties -
✔✔rescinded
bilateral contract - ___________ parties make promises - ✔✔both
unilateral contract - ___________ party makes a promise in exchange for an act - ✔✔one
express contract - stated in oral or ______________ words - ✔✔written
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