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Exam 2- Business Law Questions and Answers 100% Solved $12.49   Add to cart

Exam (elaborations)

Exam 2- Business Law Questions and Answers 100% Solved

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  • Course
  • Business law
  • Institution
  • Business Law

Exam 2- Business Law Questions and Answers 100% Solved

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  • September 10, 2024
  • 23
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Business law
  • Business law
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ExamRoom
Exam 2- Business Law Questions and Answers 100%
Solved

Elements of a Contract Correct-Agreement, Consideration, Lawful object, Contractual

Capacity




Agreement Correct-Requires and offer by the offeror and an acceptance by the offeree


Measured by the objective conduct of the parties


Offer and acceptance. Offer conveys the right to form the contract.




Consideration Correct-bargained-for consideration that is legally sufficient




Contractual Capacity Correct-parties to a contract must have _____. Certain parties do not

have this.




Lawful Object Correct-objects of the contract must be lawful.




If the subject of a contract is illegal the contract is ... Correct-void

, Exam 2- Business Law Questions and Answers 100%
Solved

Bilateral Contract Correct-a contract entered into by way of exchange of promises of the

parties


"a promise for a promise"


A contract that contemplates future performance




Unilateral Contract Correct-A contract in which the offeror's offer can be accepted only by

the performance of an act by the offeree


"a promise for an act"`




Express Contract Correct-An agreement that is expressed in written or oral words




Implied-in-fact contract Correct-An agreement between two parties has been inferred

from their conduct




Valid Contract Correct-Contract that meets all of the essential elements to establish a

contract and is enforceable by at least one of the parties

, Exam 2- Business Law Questions and Answers 100%
Solved

Void Contract Correct-A contract that has no legal effect. Neither party is obligated to

perform and neither can enforce the contract.




Voidable Contract Correct-Contract where one or both parties have the option to avoid

their contractual obligations, and if a contract is avoided both parties are released from their

contractual obligations




Unenforceable Contract Correct-A contract where the essential elements to create a valid

contract are met, however there is some legal defense to the enforcement of the contract




Quasi-Contracts Correct-Implied-in-law contracts


These are not contracts. Allows a court to award monetary damaged to a plaintiff for

providing work or services to an defendant even though no actual contract existed between

the parties


Intended to prevent unjust enrichment or detriment

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