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Legal Aspects of Business Midterm Review(updated)questions n answers
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Legal Aspects of Business Midterm Review(updated)questions n answers
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Legal Aspects of Business MidtermReview
Essential - correct answer ✔✔Price, subject matter and quantity are considered _____ terms of an offer.
Legal - correct answer ✔✔One of the six requirements that must be satisfied before a court will treat a
contract as enforceable is that the contract must be _______.
Capacity - correct answer ✔✔The requirement that the parties to a contract be able to contract for
themselves.
Jests - correct answer ✔✔An offeror's words must be examined in the light of all the relevant _____ and
circumstances.
Anger - correct answer ✔✔Words spoken in ______ or terror are not considered contracts.
Offeror - correct answer ✔✔A person who makes an offer.
Social - correct answer ✔✔A(n) ________ arrangement is not a contract.
Reasonable - correct answer ✔✔Judges use the test of the _______ person to determine whether an
offer was made.
Implied - correct answer ✔✔A promise can be _____ from the offeree's conduct as well as from words.
Offer - correct answer ✔✔A proposal to do something.
, Uniform Commercial Code (UCC) - correct answer ✔✔The ______ makes firm offers binding for the
stated time.
Revocation - correct answer ✔✔The right to withdraw an offer before it is accepted is called a(n)
_______.
Death - correct answer ✔✔In case of ______ or insanity of an offeror, the offer is no longer binding.
Time - correct answer ✔✔Offers are valid for a reasonable length of ______ when no specific length of
life is stated.
Original - correct answer ✔✔A(n) _____ offer is terminated by a counteroffer.
Insanity - correct answer ✔✔What mental state of an offeror terminates their offer?
Counteroffer - correct answer ✔✔A new offer where the terms of an original offer were changed is
called a(n) _______.
Option - correct answer ✔✔An agreement where an offeree gives the offeror something of value in
return for a promise to keep the offer open is called a(n) _________.
Voluntary - correct answer ✔✔Contracts are agreements entered into ______ by the parties and subject
to their control.
Merchant - correct answer ✔✔A person who regularly deals in goods is called a(n) ____.
Firm Offer - correct answer ✔✔A signed, written offer made by a merchant is called a(n) _______.
Offeror 6-3 - correct answer ✔✔To whom must an acceptance be communicated?
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