Business Law 3391 w/ McInturff test 2 Comprehensive Questions And Answers Guaranteed Success.
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Module
B LAW 3391
Institution
B LAW 3391
Chapter 9: Intro to Contracts - correct answer Contract: a binding agreement that the courts will enforce.
Promise: a manifestation of the intention to act or refrain from acting in a specified way.
Breach: failure to perform properly
Remedies to ...
Chapter 9: Intro to Contracts - correct answer Contract: a binding agreement
that the courts will enforce.
Promise: a manifestation of the intention to act or refrain from acting in a specified way.
Breach: failure to perform properly
Remedies to Breaches - correct answer When there is a breach of contract the
remedies include compensatory damages, equitable remedies, reliance damages, and restitution(<-
means give up the gains back).
1)Agreement - correct answer The parties to a contract must manifest by
words or conduct that they have agreed to enter into a contract. (Offer and Acceptance) The offer valid
once the recipient receives the offer, on the other hand, the acceptance is valid the second the offer is
accepted.
2)Consideration - correct answer Each party to a contract must intentionally
exchange a legal benefit or incur a legal detriment as an inducement to the other party to a return
exchange.
3)Legality - correct answer The purpose of a contract must not be criminal,
tortious, or otherwise against public policy.
4)Capacity - correct answer The parties to a contract must have contractual
capacity. (excludes judicially declared incompetent persons. limited capacity to contract includes minors,
intoxicated persons, and incompetent persons.)
Real Estate and 1 year or more Contracts - correct answer Contracts involving
real estate and contracts that can't be performed in a year MUST be in writing.
Express Contract - correct answer Contract in which the parties manifested
their agreement by oral or written language.
, Implied Contract - correct answer a contract that is inferred from the parties'
conduct, not from spoken or written words. (a.k.a. Implied in Fact Contracts)
Bilateral Contract - correct answer When a contract comes into existence by
the exchange of promises, each party is under a duty to the other. Each party is both a promisor (maker
of a promise) and a promisee (recipient of a promise).
Unilateral Contract - correct answer One party makes a promise, but no
contract is made until the promisee finishes or refrains from performing said promise. (Example: Ben
promises to pay you 10$ to mow his lawn, you make no agreement and mow his lawn. Once you finish
mowing, a contract is formed and Ben is obligated to pay you 10$)
Valid Contract - correct answer A contract that meets all the requirements of a
binding contract. Judicially enforceable promise or agreement.
Void Contract - correct answer An agreement that does not meet all the
requirements of a binding contract; therefore it is not a contract at all.
Voidable Contract - correct answer is in fact a contract, but because of the
manner in which it was formed or a lack of capacity of a party to it, the law permits one or more of the
parties to avoid the legal duties the contract creates. If the contract is avoided BOTH parties are relieved
of their legal duties under the agreement.
Unenforceable Contract - correct answer A contract that is neither void nor
voidable may be unenforceable. An unenforceable contract is one for the breach of which provides no
remedy. Infraction on the Statute of Fraud (requires certain contracts to be evidenced by writing) or
Statute of Limitations (reasonable amount of time which a suit may be filed) can cause a contract to
become unenforceable.
Executed Contract - correct answer a fully performed contract by all parties to
it.
Executory Contract - correct answer "unperformed", applies to situations
where one or more promises by any party to the contract \
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