Lsb 3213 exam 2 Study guides, Class notes & Summaries

LSB 3213 Exam 2 – Holden Practice Questions and Answers (100% Pass) Illegal contracts are A) Void B) Voidable C) Unjust D) A violation of the Uniform Commercial Code - Answer️️ -A In general, contracts for the sale of goods are governed by: A) the Uniform Commercial Code. B) state statutory law based on the Uniform Commercial Code. C) state common law. D) federal regulations. - Answer️️ -B Will and Kendrick live in a state that requires that contracts involving transaction...

EXAM 2: LSB 3213|50 Questions with Solutions 100% Verified Retail Outlets, Inc., contracts with Smooth Paving Inc. to grade and pave a parking lot. Smooth assigns the contract to Tough Road Company, which has a poor record of completing projects. Retail could most successfully argue that the contract cannot be assigned because Correct Answer-the assignment will materially increase the risk of nonperformance.

LSB 3213 Exam 1 Okstate Study Guide with Complete Solutions Constitutional Law - Answer️️ -Supreme law that is the trump card. Federal government and the states have separate written constitutions that set forth the general organization, powers, and limits of the respective governments. Law as expressed in these constitutions. If a law violates a provision of the constitution, it will be declared unconstitutional. Statutory Law - Answer️️ -created & passed by legislative bodies th...

LSB 3213 - exam 2 Practice Questions and Answers what is a contract? - Answer️️ -legally enforceable promise or set of promises what are the four basic required elements of a valid contract? - Answer️️ - Mutual Assent: parties to contract must indicate through words or behavior that they willingly agree to enter into contract Consideration: both sides must obtain something of value (legal benefit) and give something of value (legal detriment) Legality of purpose: contract must sa...

LSB 3213 Exam 2 OK State Practice Questions and Answers What are the sources of contract law? - Answer️️ -Common Law & UCC What is the purpose/policy behind contract law? - Answer️️ -To assure the parties to private agreements that the promises they make will be enforceable What is the objective theory of contracts? - Answer️️ -This looks at the circumstances that determine the intent of the parties. What are two defenses to the enforceability of a contract? - Answer️️ -T...

LSB 3213 Exam 2 Study Guide with Complete Solutions Retail Outlets, Inc., contracts with Smooth Paving Inc. to grade and pave a parking lot. Smooth assigns the contract to Tough Road Company, which has a poor record of completing projects. Retail could most successfully argue that the contract cannot be assigned because - Answer️️ -the assignment will materially increase the risk of nonperformance. In an exchange of e-mails, Rob, a landlord, and Sam agree to a lease of a certain apar...

LSB 3213 Exam 4 Practice Questions and Answers A condition precedent must be met before a party's performance can be required. - Answer️️ -True A party normally satisfies its duties under a contract by novation. - Answer️️ -False Complete performance occurs when conditions in a contract are - Answer️️ -fully satisfied. Performance that provides a party with most of the benefits of a contract, in spite of a deviation from the terms, is - Answer️️ -substantial performance...

LSB 3213 John Holden Oklahoma State Exam 3 Practice Questions and Answers All of the following are methods that a sole proprietorship can raise money except A) Private loans. B) Commercial loans. C) Sell ownership in the business. D) Line of credit - Answer️️ -Sell ownership in the business Which of the following is true about a sole proprietorship? A) It is subject to corporate income tax. B) Sole proprietorships face double taxation. C) The owner reports income and expenses on t...

LSB 3213 Holden Exam 1 Study guide with Complete Solutions Blacks LAw Dictionary, as cited in the text book defines law as each of the following except: A. A body of rules B. Conduct Prescribed by a controlling authority C. A tool for regulationg personal ethics D. Having the power to bind persons - Answer️️ -C. A tool for regulationg personal ethics The U.S. Constitution created three branches in the federal government. Those three branches are: A. Administrative, legislative, ex...