BUSFIN 3500 IRVINE CERTIFICATION
EVALUATION SET 2026 COMPLETE QUESTIONS
AND ANSWERS
◉ covenant not to compete. Answer: restrict what an employee may
do after leaving a co, often dictate where, when and whom an
employee may work
◉ Elements of a Contract. Answer: have to have all 4:
Agreement
Consideration
Capacity
Legality
◉ agreement. Answer: element of a contract
mutual understanding
consists of an offer by offeror to enter into a contract and acceptance
of the terms by the offeree
◉ consideration. Answer: required in every contract the bargained
for exchange or what each party gets in exchange for his or her
promise under the contract ex car for $
,◉ capacity. Answer: the legal ability to enter into a binding
agreement minors don't have it
◉ legality. Answer: to be enforceable, contract CANNOT be illegal or
against public policy
◉ lack of genuine assent. Answer: defense to the enforcement of a
contract
supposed to be entered freely by both parties but sometimes the
offeror secures acceptance through improper means such as fraud,
duress, undue influence, or misrepresentation
◉ Defenses to a contract. Answer: fraud, duress, undue influence,
mistake, misrepresentation, lack of writing
◉ objective theory of contracts. Answer: in determining whether
parties intended to enter a contract, courts look at their objective
words and behavior and do not try to figure out what they might
have been secretly intending
◉ Sources of Contract Law. Answer: Uniform Commercial Code
(UCC)
Case Law
, Convention on Contracts for International Sales of Goods (CISG)
good-movable tangible not services
Common law -> easier to look at restatements
◉ Uniform Commercial Code (UCC). Answer: became law in states
when adopted fully or pieces
sale of a good falls under it, if not common law
includes real property and of the shelf software
◉ bilateral contract. Answer: A PROMISE + A PROMISE
if the offeror wants a promise from the offeree to form a binding
contract
◉ unilateral contract. Answer: the offeror wants the offeree to do
something, not to promise to do something most common a reward
◉ Purpose of Contracts. Answer: create record
structure relationship between parties
allocate risk between parties
create consequences if a party fails to keep their promise
◉ express contracts. Answer: clearly set forth in either written or
spoken words
EVALUATION SET 2026 COMPLETE QUESTIONS
AND ANSWERS
◉ covenant not to compete. Answer: restrict what an employee may
do after leaving a co, often dictate where, when and whom an
employee may work
◉ Elements of a Contract. Answer: have to have all 4:
Agreement
Consideration
Capacity
Legality
◉ agreement. Answer: element of a contract
mutual understanding
consists of an offer by offeror to enter into a contract and acceptance
of the terms by the offeree
◉ consideration. Answer: required in every contract the bargained
for exchange or what each party gets in exchange for his or her
promise under the contract ex car for $
,◉ capacity. Answer: the legal ability to enter into a binding
agreement minors don't have it
◉ legality. Answer: to be enforceable, contract CANNOT be illegal or
against public policy
◉ lack of genuine assent. Answer: defense to the enforcement of a
contract
supposed to be entered freely by both parties but sometimes the
offeror secures acceptance through improper means such as fraud,
duress, undue influence, or misrepresentation
◉ Defenses to a contract. Answer: fraud, duress, undue influence,
mistake, misrepresentation, lack of writing
◉ objective theory of contracts. Answer: in determining whether
parties intended to enter a contract, courts look at their objective
words and behavior and do not try to figure out what they might
have been secretly intending
◉ Sources of Contract Law. Answer: Uniform Commercial Code
(UCC)
Case Law
, Convention on Contracts for International Sales of Goods (CISG)
good-movable tangible not services
Common law -> easier to look at restatements
◉ Uniform Commercial Code (UCC). Answer: became law in states
when adopted fully or pieces
sale of a good falls under it, if not common law
includes real property and of the shelf software
◉ bilateral contract. Answer: A PROMISE + A PROMISE
if the offeror wants a promise from the offeree to form a binding
contract
◉ unilateral contract. Answer: the offeror wants the offeree to do
something, not to promise to do something most common a reward
◉ Purpose of Contracts. Answer: create record
structure relationship between parties
allocate risk between parties
create consequences if a party fails to keep their promise
◉ express contracts. Answer: clearly set forth in either written or
spoken words
