Business Law REG Exam Questions & Answers 2024/2025
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Module
Business Law REG
Institution
Business Law REG
Business Law REG Exam Questions & Answers 2024/2025
Define Bilateral contract - ANSWERSA bilateral contract is a promise in exchange for a promise creating a contract.
Define executory contract - ANSWERSAn executory contract is one not fully performed.
What are four requirements for a *v...
Business Law REG Exam Questions &
Answers 2024/2025
Define Bilateral contract - ANSWERSA bilateral contract is a promise in exchange for a promise creating a
contract.
Define executory contract - ANSWERSAn executory contract is one not fully performed.
What are four requirements for a *valid contract*? - ANSWERSoffer and acceptance, consideration
(computer for $400), nothing to indicate either party lacks legal capacity, and in legal purpose.
Define unilateral contract - ANSWERSan offer in exchange for performance
What law covers Real property interests, including leases? - ANSWERScommon law
Describe counteroffer - ANSWERSoffer that reject the original term with term and condition differ from
the original offer.
Is advertisements an offer? if not, what is it? - ANSWERSNo. It is an "invitation to trade"
Under mailbox rule, when is an offer accepted? - ANSWERSwhen acceptance is mailed.
a merchant's firm offer cannot be revoked because - ANSWERSit is like an option and has to remain open
for a reasonable time.
An offer, unless irrevocable, IS ___________upon the death of the offeror, and thus no contract could be
formed. - ANSWERSterminated immediately
, Only what kind of contract can be modified without new consideration? - ANSWERSOnly UCC contracts
for the sale of goods
In determining whether the consideration requirement to form a contract has been satisfied, the
consideration exchanged by the parties to the contract must be - ANSWERSlegally sufficient
To give consideration, a person must promise - ANSWERSto do something new or something not already
obligated to do.
Dunne and Cook signed a contract requiring Cook to rebind 500 of Dunne's books at $3.00 per book.
Later, Dunne requested, in good faith, that the price be reduced to $2.70 per book. Cook agreed orally to
reduce the price to $2.70.
Under the circumstances, the oral agreement is - ANSWERSUnenforceable, because Dunne failed to give
consideration, but proof of it is otherwise admissible into evidence.
Castle borrowed $5,000 from Nelson and executed and delivered to Nelson a promissory note for $5,000
due on April 30. On April 1, Castle offered, and Nelson accepted, $4,000 in full satisfaction of the note.
On May 15, Nelson demanded that Castle pay the $1,000 balance on the note. Castle refused.
If Nelson sued for the $1,000 balance, Castle would - ANSWERSWin, because the acceptance by Nelson
of the $4,000 constituted an accord and satisfaction.
Under status of frauds, what types of contracts must be in Writing - ANSWERS1. Guaranty of debt
contracts 2. contracts involving an interest in real property 3. contracts impossible to perform within one
year of formation 4. contract for the sale of goods priced at $500 or more 5. promises of executors for
personal liability for debts of the estate.
Define parol evidence rule - ANSWERSThis rule applies to complete written contracts, and it means that
any evidence besides what is written in the contract is not admissible. An exception to the parol
evidence rule is fraudulent statements. If fraud occurred, it will be admitted as evidence in court.
The sale of realty falls under the Statute of Frauds requiring what to be to be enforceable? - ANSWERSa
writing signed by both parties or a written memo signed by the party to be charged
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