Bcor 2301 final exam - Study guides, Class notes & Summaries

Consideration The value given in return for a promise or performance in a contractual agreement. 1. Something of LEGALLY SUFFICIENT VALUE must be given in exchange for the promise. 2. There must be a BARGAINED-FOR-EXCHANGE. Legal Sufficient Value Something of value in the eyes of the law; may be: - Promise [to do something] e.g. pay supplier upon receiving goods - Performance [of an action otherwise not obligated to] e.g. providing acct. services - Forbearance [refraini...

Consideration The value given in return for a promise or performance in a contractual agreement. 1. Something of LEGALLY SUFFICIENT VALUE must be given in exchange for the promise. 2. There must be a BARGAINED-FOR-EXCHANGE. Legal Sufficient Value Something of value in the eyes of the law; may be: - Promise [to do something] e.g. pay supplier upon receiving goods - Performance [of an action otherwise not obligated to] e.g. providing acct. services - Forbearance [refraini...

Intellectual property any property resulting from intellectual and creative purpose (books, computer files, mobile apps, movies, music) Trademark A distinctive word, symbol, or design that identifies the manufacturer as the source of particular goods and distinguishes its products from those made or sold by others. Lanham Act of 1946 federal statute enacted in part to protect companies from losing business to rival companies that use confusingly similar trademarks Federal...

Final Exam (BCOR 2301) 2023 Questions and Answers Consideration The value given in return for a promise or performance in a contractual agreement. 1. Something of LEGALLY SUFFICIENT VALUE must be given in exchange for the promise. 2. There must be a BARGAINED-FOR-EXCHANGE. Legal Sufficient Value Something of value in the eyes of the law; may be: - Promise [to do something] e.g. pay supplier upon receiving goods - Performance [of an action otherwise not obligated to] e.g. prov...

Final Exam (BCOR 2301) 2023 Questions and Answers Consideration The value given in return for a promise or performance in a contractual agreement. 1. Something of LEGALLY SUFFICIENT VALUE must be given in exchange for the promise. 2. There must be a BARGAINED-FOR-EXCHANGE. Legal Sufficient Value Something of value in the eyes of the law; may be: - Promise [to do something] e.g. pay supplier upon receiving goods - Performance [of an action otherwise not obligated to] e.g. prov...

Consideration CORRECT ANSWER Something of value received or promised to convince a person to make deal. Legally Sufficient Value CORRECT ANSWER Something of value in the eyes of the law. Forbearance CORRECT ANSWER Refraining from an action that you have a legal right to undertake. Bargained-For Exchange CORRECT ANSWER The basis for a bargain struck between or among the contracting parties. Not a gift! Where is a consideration lacking? CORRECT ANSWER - Preexisting Duty: A promise to d...

FINAL EXAM (BCOR 2301) VERIFIED SOLUTION GRADED A+

Final Exam (BCOR 2301) 2023 Questions and Answers

Final Exam (BCOR 2301) 2023 Questions and Answers Consideration The value given in return for a promise or performance in a contractual agreement. 1. Something of LEGALLY SUFFICIENT VALUE must be given in exchange for the promise. 2. There must be a BARGAINED-FOR-EXCHANGE. Legal Sufficient Value Something of value in the eyes of the law; may be: - Promise [to do something] e.g. pay supplier upon receiving goods - Performance [of an action otherwise not obligated to] e.g. prov...

FINAL EXAM (BCOR 2301) QUESTION AND ANSWERS GRADED A+