Business Law Exam 2 (BCOR 2301)
Questions With Correct Answers
contract |- |CORRECT |ANSWER✔✔-an |agreement |containing |obligations |enforceable |by |law |(in |
a |court)
formed |by |two |or |more |parties |who |agree |to |perform |or |refrain |from |performing |some |act |
now |or |in |the |future
promisor |- |CORRECT |ANSWER✔✔-person |who |makes |a |promise
promisee |- |CORRECT |ANSWER✔✔-person |to |whom |promise |is |made
overview |of |contract |law |- |CORRECT |ANSWER✔✔-common |law |governs |contracts |except |
when |it |has |been |modified |or |replaced |by |statutory |laws |or |administrative |agency |regulations
common |law--> |services, |real |estate, |employment
UCC--> |sales |and |lease |of |goods
agency |regulations--> |government |contracts
contract |law |on |a |general |basis... |- |CORRECT |ANSWER✔✔-provides |rules |to |determine |which |
contract |terms |will |be |enforced
reflects |our |social |values, |interests, |and |expectations |regarding |what |types |of |promises |should
|be |legally |binding
, how |do |we |determine |when |a |contract |has |been |formed |- |CORRECT |ANSWER✔✔-objective |
theory |of |contracts: |evaluates |a |party's |intention |to |enter |into |a |contract |based |on |outward |
facts |as |interpreted |objectively |by |a |reasonable |person, |rather |than |the |party's |internal |
subjective |intentions
elements |of |a |contract |(4 |requirements) |- |CORRECT |ANSWER✔✔-agreement
consideration
capacity
legality
agreement |- |CORRECT |ANSWER✔✔-offer |and |acceptance
consideration |- |CORRECT |ANSWER✔✔-something |of |value |received |or |promised |to |convince |a |
person |to |make |a |deal
capacity |- |CORRECT |ANSWER✔✔-both |parties |must |be |competent
legality |- |CORRECT |ANSWER✔✔-purpose |must |be |to |accomplish |a |goal |that |is |legal |and |is |not |
against |public |policy
elements |of |a |contract |(may |not |be |enforceable |if |lacking) |- |CORRECT |ANSWER✔✔-voluntary |
consent--> |consent |of |both |parties |must |be |voluntary |and |not |result |from |fraud, |mistake, |or |
duress
Questions With Correct Answers
contract |- |CORRECT |ANSWER✔✔-an |agreement |containing |obligations |enforceable |by |law |(in |
a |court)
formed |by |two |or |more |parties |who |agree |to |perform |or |refrain |from |performing |some |act |
now |or |in |the |future
promisor |- |CORRECT |ANSWER✔✔-person |who |makes |a |promise
promisee |- |CORRECT |ANSWER✔✔-person |to |whom |promise |is |made
overview |of |contract |law |- |CORRECT |ANSWER✔✔-common |law |governs |contracts |except |
when |it |has |been |modified |or |replaced |by |statutory |laws |or |administrative |agency |regulations
common |law--> |services, |real |estate, |employment
UCC--> |sales |and |lease |of |goods
agency |regulations--> |government |contracts
contract |law |on |a |general |basis... |- |CORRECT |ANSWER✔✔-provides |rules |to |determine |which |
contract |terms |will |be |enforced
reflects |our |social |values, |interests, |and |expectations |regarding |what |types |of |promises |should
|be |legally |binding
, how |do |we |determine |when |a |contract |has |been |formed |- |CORRECT |ANSWER✔✔-objective |
theory |of |contracts: |evaluates |a |party's |intention |to |enter |into |a |contract |based |on |outward |
facts |as |interpreted |objectively |by |a |reasonable |person, |rather |than |the |party's |internal |
subjective |intentions
elements |of |a |contract |(4 |requirements) |- |CORRECT |ANSWER✔✔-agreement
consideration
capacity
legality
agreement |- |CORRECT |ANSWER✔✔-offer |and |acceptance
consideration |- |CORRECT |ANSWER✔✔-something |of |value |received |or |promised |to |convince |a |
person |to |make |a |deal
capacity |- |CORRECT |ANSWER✔✔-both |parties |must |be |competent
legality |- |CORRECT |ANSWER✔✔-purpose |must |be |to |accomplish |a |goal |that |is |legal |and |is |not |
against |public |policy
elements |of |a |contract |(may |not |be |enforceable |if |lacking) |- |CORRECT |ANSWER✔✔-voluntary |
consent--> |consent |of |both |parties |must |be |voluntary |and |not |result |from |fraud, |mistake, |or |
duress
