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BMAL-590 FOUNDATIONS OF LEGAL ENVIRONMENT OF BUSINESS EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ 100% GUARANTEED PASS CA$15.81   Add to cart
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BMAL-590 FOUNDATIONS OF LEGAL ENVIRONMENT OF BUSINESS EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ 100% GUARANTEED PASS
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BMAL-590 FOUNDATIONS OF LEGAL ENVIRONMENT OF BUSINESS EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ 100% GUARANTEED PASS Contract a promise (it can be more than one promise) that, if unfulfilled or breached, provides the other party a legal remedy to seek damages or other relief. ...

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  • October 7, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • bmal 590 foundations of legal environment of busin

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  • BMAL 590
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BMAL-590 FOUNDATIONS OF LEGAL ENVIRONMENT OF

BUSINESS EXAM QUESTIONS AND ANSWERS WITH COMPLETE

SOLUTIONS GRADED A++ 100% GUARANTEED PASS

Contract


a promise (it can be more than one promise) that, if unfulfilled or breached, provides the other party a

legal remedy to seek damages or other relief.



A contract is comprised of voluntary promises made by and between parties that the law, if required, will

enforce.



Some special types of contracts are backed by statute (law made by legislature).



Not everyone can enter into a contract. State laws permit contracts to be entered into once a person has

attained a certain age (usually eighteen) and with mental capacity to understand the contract.


Bilateral Contract


A promise made in exchange for another promise


Unilateral Contract


A promise in exchange for an act


Common components of contracts

, 1. Offer + acceptance = agreement

2. Consideration (bargained-for exchange)

3. Capacity

4. Legal purpose


Offer


An offer refers to one party expressing willingness to enter into a contract. By implication, a contract

requires each party to give up something in order to gain something.



An offer can be made in writing, orally, or any combination thereof.



The validity of an offer can be explicitly stated.

When not stated, the offer is valid for a reasonable period, based on the circumstances.


Power of acceptance


Power of acceptance refers to the right of a person or persons receiving the offer to accept the offer and

thus create a binding contract.



The party receiving the offer must convey acceptance to the offeror(person who made the offer).



The acceptance is legally valid when it is deposited with the U.S. Postal Service. This is called "The

Mailbox Rule".



If the acceptance is not mailed, it may be expressed in any way that is reasonable, or as required by the

offeror.

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