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LSB 3213 - exam 2 - A contract is defined as a legally enforceable promise or a set of promises. - The four essential elements required for a valid contract are: 1. **Mutual Assent**: Both parties must express their willingness to enter into the contract, either through words or behavior. 2. *...

LSB EXAM 4 GUARANTEED SUCCESS - Security transactions that involve the original issuance and reissuance of securities by a business to raise capital are referred to as the ️primary market. - A company is considered to "go public" when it sells its voting ️common shares for the first time to ...

LSB 3213 Exam 4 Already Rated A+ - A condition precedent must be fulfilled before a party's performance is required. ️True - A party usually fulfills its obligations under a contract through novation. ️False - Complete performance occurs when all conditions in a contract are ️fully satisfied....

LSB 3213 Exam 3 Study Guide Graded A+ Which of the following statements is incorrect? ️A corporation may not incur obligations separate from those of its principals. Raul wants a simple method to start-up a small marketing company. The marketing firm has relatively low revenue and expenses...

LSB 3213 Exam 2 – Holden Guaranteed A+ - Illegal contracts are A) Void B) Voidable C) Unjust D) A violation of the Uniform Commercial Code ️A - Generally, contracts for the sale of goods fall under the jurisdiction of: A) The Uniform Commercial Code. B) State statutory l...

LSB 3213 - Exam 5 All Answers Correct - If Warren experiences severe emotional distress after a rock crashes through his roof from Wiley Blasting Company, his best recovery theory against Wiley would be: ️Strict Liability - Written defamation is referred to as: ️Libel - Which statement...

LSB Chapter 6 All Answers Correct - The Code of Hammurabi is a _______ legal code that dates back to 1754 BC, primarily addressing contract law. ️Babylonian - Absent evidence of _______, _______, oppression, or _______, courts generally do not interfere with the contracting process. (Choos...

Ch 38 LSB Already Verified A+ - C-level executives may be _______ agents if they _______ employees within their departments. ️superior; hire and oversee - An agent's authority to bind the principal in a contract comes from _______ authority, which arises in one of two ways. (Choose all the ...

LSB Ch. 7 - Mutual assent is typically referred to as a(n) "________" because the parties have agreed to certain promises and obligations. ️meeting of the minds - An _______ is a promise or commitment to do (or refrain from doing) a specified activity, such as selling a good at a particu...