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MGT 641 Exam 1 Questions And Answers Latest Update
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MGT 641 Exam 1 Questions And Answers Latest Update
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Solution 2024/2025Pepper
MGT 641 Exam 1 Questions And Answers
Latest Update
Contract ANS✔✔ legally binding agreement that creates an obligation
6 elements of a contract ANS✔✔ 1. agreement
2. between competent parties
3. based on genuine assent
4. supported by consideration
5. made for a lawful objective
6. in the form required by law
Subject matter of a contract ANS✔✔ it may relate to personal service
performance or the transfer of real property ownership
Promisor / Obligor ANS✔✔ Person who makes the promise
Promisee / Obligee ANS✔✔ The person to whom the promise is made
Consideration ANS✔✔ Can be a promise
Oral Contracts ANS✔✔ Enforceable EXCEPT when statute of frauds applies,
then it must be in writing
, Solution 2024/2025
Pepper
Article 2 ANS✔✔ Applies when there is a sale of goods --> transfer of
PERSONAL property
Privity of Contract Relationship ANS✔✔ Relation between two parties (can
be entities) that is recognized legally - gives you right to sue
A contract arises when ANS✔✔ Offeror makes an offer and the offeree
accepts
Are all agreements contracts? ANS✔✔ No, there must be an intent to make
the agreement binding
Auction Example ANS✔✔ Invitation for an offer--not a contract until
auctioneer accepts a bid
Are social arrangements binding contracts? ANS✔✔ No
Freedom of Contract ANS✔✔ No requirements for contracts to be fair, kind,
reasonable or equitable
Courts will allow you to make a bad deal and they won't protect you from it
Express Contracts ANS✔✔ Oral or written contracts
Implied Contracts ANS✔✔ Created based on acts or conduct of parties
, Solution 2024/2025
Pepper
Barbershop Example ANS✔✔ If a man walks into a barbershop and sits in a
chair for a haircut, he must pay for that haircut-- Implied Contract
Valid Contracts ANS✔✔ Binding and enforceable
Everyone did what they're supposed to and entitled to share
Voidable Contracts ANS✔✔ Circumstances surrounding execution or lack of
capacity allow rejection by one of the parties
Ex: one party is a minor
Void Contracts ANS✔✔ Without legal effect (illegal)
Most contracts are ANS✔✔ Valid Contracts
Executed Contracts ANS✔✔ Completely performed
Executory Contracts ANS✔✔ Something remains to be done by one or both
parties
If party in contract files bankruptcy... ANS✔✔ They may get out of their
executory contract
Bilateral Contracts ANS✔✔ One promise given in exchange for another
Party performing act verbally promises in exchange for something else ($)
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