Lsb 3213 exam 2 Study guides, Class notes & Summaries
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LSB 3213 EXAM 2 - HOLDEN | 100 QUESTIONS | WITH CORRECT ANSWERS!!
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LSB 3213 EXAM 2 - HOLDEN | 100 QUESTIONS | WITH CORRECT ANSWERS!!
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LSB 3213 Exam 2 – Holden Guaranteed A+
- Exam (elaborations) • 15 pages • 2024
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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 law based on the Uniform Commercial Code. 
C) State common law. 
D) Federal regulations. 
️B - Will and Kendrick reside in a state where contracts for transactions exceeding $500 must be in ...
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LSB 3213 - exam 2
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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. **Consideration**: Each party must receive something of value (a legal benefit) and give something 
of value (a legal detriment). 
3. **Legality of Purpose**: The contract must have a lawful objectiv...
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LSB 3213 Exam 2 – Holden quizzes and solutions
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Illegal contracts are 
A) Void 
B) Voidable 
C) Unjust 
D) A violation of the Uniform Commercial Code - 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. - B 
 
Will and Kendrick live in a state that requires that contracts involving transactions over $500 be in writing. If they enter a verbal agreement to buy a car for $1,500, this contr...
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LSB 3213 - Exam 5 All Answers Correct
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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 is true regarding tortious interference with prospective advantage? 
️The law protects against interference with potential business contracts and other business 
relationships. - What are the t...
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EXAM 2: LSB 3213 Exam 2 – Holden; Questions with Solutions
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EXAM 2: LSB 3213 Exam 2 – Holden; Questions with 
Solutions 
Illegal contracts are 
A) Void 
B) Voidable 
C) Unjust 
D) A violation of the Uniform Commercial Code Correct Answer-A
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LSB 3213 Exam 3 Study Guide Graded A+
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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. Which type of business entity would you suggest? ️Sole proprietorship 
Which statement below is correct about a sole proprietorship? ️It has low start-up costs and minimal 
filing. 
Which of ...
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LSB 3213 Exam 1 (Okstate) Study Guide with Complete Solutions
- Exam (elaborations) • 16 pages • 2024
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LSB 3213 Exam 1 (Okstate) Study Guide 
with Complete Solutions 
knowledge of "black-letter" law and what conduct leads to liability is 
enough - Answer️️ -false 
areas of law that affect business decision making - Answer️️ -contracts, 
intellectual property, product liability, torts, sales, internet law (privacy), 
environmental law 
torts defined - Answer️️ -common law jurisdiction; a civil wrong that 
causes someone else to suffer loss 
primary sources of law - Answer️️ -thos...
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EXAM 2: LSB 3213; Questions &Answers 100% Pass
- Exam (elaborations) • 13 pages • 2024
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EXAM 2: LSB 3213; Questions &Answers 100% Pass 
what is a contract? Correct Answer-legally enforceable promise or set of promises 
what are the four basic required elements of a valid contract? Correct Answer-Mutual 
Assent: parties to contract must indicate through words or behavior that they willingly agree 
to enter into contract
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EXAM 2: LSB 3213 OK State; Questions &Answers 100% Correct
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EXAM 2: LSB 3213 OK State; Questions &Answers 100% 
Correct 
What are the sources of contract law? Correct Answer-Common Law & UCC 
What is the purpose/policy behind contract law? Correct Answer-To assure the parties to 
private agreements that the promises they make will be enforceabl
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