MGMT 209 Exam 2 || WITH CORRECT ANSWERS; GRADED A+
9 views 0 purchase
Module
Mgmt
Institution
Mgmt
contract law correct answers a system of rules for enforcing promises and breaking promises
contract law gives extent to which promises correct answers 1. Are legally enforceable
2. consequences of breaking the promises
societal level contracts correct answers provide a legal environment con...
promise correct answers manifestation of intent to do or not do something
contract correct answers a legal agreement of the parties to do something not obligated to do
or to refrain from doing something legally entitled to
objective factors correct answers conduct of the party
the words spoken or written by the party
the circumstances surrounding the transactions
express contract correct answers stated orally, written contract
implied contract correct answers inferred from the conduct of the parties
quasi contracts correct answers not a true contract
applied in-law contract
rare
unconditional contract correct answers absolute, must preform contract
conditional contract correct answers no duty to perform if condition not met
offeror correct answers party making the offer
offeree correct answers party to whom the offer is made
promisor correct answers promise to do or not to do something
promisee correct answers party to whom the promise is made
bilateral contract correct answers mutual exchange of promise
, accepts by a promise
"promise for a promise'
unilateral contract correct answers one promisor
offeree accepts by performance
"promise for an act"
bilateral enforced correct answers once promise is made by the offeree
unilateral enforced correct answers once performance is performed by offeree;
performance is acceptance
executory contract correct answers not fully performed by either party
executed contract correct answers contract has been fully performed by all parties
partially executed correct answers executory; one party has completed work, the other party
has not
breach of contract correct answers the most common form of lawsuit
elements of a contract correct answers mutual agreement, consideration, capacity, legality,
genuine and real assent to the contract, some may be in writing
Texas element of a contract correct answers offer, acceptance, meeting of the minds, each
party must consent to the terms, if must be in writing - executed, delivered with the intent that
it be mutual and binding -, consideration, legality, capacity
agreement correct answers mutual assent
offer correct answers promise to enforce an agreement
ways to terminate an offer correct answers terminate by the person, termination by law
termination by the person correct answers revocation, rejection, lapse of time, counteroffer
termination by law correct answers intervening illegality, subject matter of offer is destroyed,
insanity or death of offeror or offeree
revocation correct answers offeror takes back the offer prior to acceptance by the offeree
rejection correct answers offeree says no
counteroffer correct answers 1. rejection 2. new offer 3. parties switch - offeror becomes the
offeree, offeree becomes the offeror
acceptance correct answers offeree's expression of assent/agreement to the exact terms of the
offer
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ProPerfomer. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £10.50. You're not tied to anything after your purchase.
