SPM 4723 Exam 2 || Questions and 100% Verified Answers.
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Course
SPM 4723
Institution
SPM 4723
Contract correct answers promise or set of promises for breach of which the law foves a remedy or the performance of which the las in some way recgonizes a duty
Bilateral Contracts correct answers two promises (offer and acceptance)
offer correct answers conditional promise to refrain from do...
SPM 4723 Exam 2 || Questions and 100% Verified Answers.
Contract correct answers promise or set of promises for breach of which the law foves a remedy
or the performance of which the las in some way recgonizes a duty
Bilateral Contracts correct answers two promises (offer and acceptance)
offer correct answers conditional promise to refrain from doing something in the future
acceptance correct answers act of agreeing to an offer by words or conduct. Must be
communicated to the person making the offer
unilateral contract correct answers one party makes a promise, other party makes no promise but
instead performs some act in exchange for the first parties promise
elements of a contract correct answers offer, acceptance, consideration
consideration correct answers exchange of value or benefit that each party agreees to give up
because of the contractual agreement (each party must get something in exchange for their
performance)
contracts must be correct answers legal, not formed if underlying transaction is illegal
voidable contract correct answers agreement is invalid and allows one party to walk away form it
w/o breaching the contract
party designation correct answers clearly id the parties (typically the full name of individual or
organization involved)
terms of agreement correct answers defined length of time the contract will exist
warranties and representation correct answers legal promises that certain facts are true
obligations and duties correct answers set out all the duties that each party has agreed to and
assume and the time at which the parties will undertake the actions necessary to fulfill those
duties
termination provision correct answers each party's right to terminate the contract under certain
circumstances; expiration of the term or when a party breaches the agreement in some way that
causes the contract to be terminated
Collective Bargaining Agreement correct answers written agreement between employeers and
employees that documents the outcomes of collective bargaining negociations and provides the
exact terms and conditions of the employement relationship between parties. Terms binding on
all parties to the agreement
, salary cap correct answers agreed upon limit of the amount that a team and league will spend on
player salaries for any particular year. limit what teams spend on individual/team salaries,
included in CBA
endorsement correct answers allow athletes to recieve compensation beyond the team (grant
sponsor to use athletes likeness, name, or image)
waiver correct answers contract between sport org and participant; signs it before partaking in
event, signing it absolves the participant's right hold the organziation liable for any injuires
waivers must .... correct answers be easily understood/read, can void if minor, incapacited,
voluntarily entered into
equal bargaining power correct answers must make it equal for both parties
nonrelocation agreements correct answers team will not relocate duirng the time of the lease
agreement
personal seat license correct answers buyer with the option purchase tickets for a small fee,
giving them a level of pirority
parole evidence rule correct answers when contracting parties express their full intentions in
writing,no other evidence can be introduced in a court of law that contradicts the terms of the
written agreementy
Statue of frauds correct answers principle stating that three types of contracts must be written
1.sale, mortage, or lease on interest of land
2. contracts cannot be performed within 1 yr of their making
3. contracts for the sale of goods that are higher than $500
compensatory damages correct answers money necessary to make up for whatever monetary loss
a party has suffered attributable to the breach of contract
consequential damages correct answers monetary relief for a party's economic losses that were
caused indirectly by original breach of contract
liquidated damages correct answers specific amounts of damages that the parties agreed to within
the contract itself
specific performance correct answers an injunction issued by the court ordering the breaching
party to carry out it's contractual duties
alernative dispute resolution correct answers methods so that the parties involved can attempt to
solve their disputes without going to court
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