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BUSINESS LAW EXAM 2 STUDY
GUIDE WITH APPROVED
SOLUTIONS | GUARANTEED PASS
Contract - Correct Answer-Agreement that is enforceable by a
court of law or equity
Unilateral Contract - Correct Answer-A contract in which the
offeror's offer can be accepted only by the performance of an
act by the offeree. (A promise for an act)
Express Contract - Correct Answer-An agreement that is
expressed in written or oral words
Quasi-Contract - Correct Answer-An equitable doctrine
whereby a court may award monetary damages to a plaintiff
for providing work or services to a defendant even though no
contract existed. Created to prevent unjust enrichment. AKA
Implied-in-law Contract
Auction - Correct Answer-A sale in which a seller of goods
offers goods for sale through an auctioneer
Mirror Image Rule - Correct Answer-A rule that states that
when acceptance to exist the offeree must accept the terms as
stated in the offer
Preexisting duties - Correct Answer-Something a person is
already an obligation to do. A promise lacks consideration if a
person promises to perform this
, 2
Consent - Correct Answer-a plea entered by a civil defendant
who has been sued by the government whereby the accused
agrees to the imposition of a penalty but does not admit
liability
Permission to do something
Undue Influence - Correct Answer-A situation in which one
person takes advantage of anther's mental, emotional, or
physical weakness and unduly persuades that person to enter
into a contract or make a will
Parol Evidence - Correct Answer-Any oral or written words
outside the four corners of a written contract
Statute of Frauds - Correct Answer-A state stature that
requires certain types of contracts to be in writing
Conditions - Correct Answer-A qualification of a promise that
becomes a covenant if it is met. Three types: precedent,
subsequent, and concurrent
Legal Damages - Correct Answer-These are monetary awards
that the law imposes for a breach of some duty or violation of
some right
Discharge - Correct Answer-Comes from liability on
negotiable instruments
Specific Performance - Correct Answer-A remedy that orders
the breaching party to perform the acts promised in the
contract. Usually awarded in cases in which the subject-matter
BUSINESS LAW EXAM 2 STUDY
GUIDE WITH APPROVED
SOLUTIONS | GUARANTEED PASS
Contract - Correct Answer-Agreement that is enforceable by a
court of law or equity
Unilateral Contract - Correct Answer-A contract in which the
offeror's offer can be accepted only by the performance of an
act by the offeree. (A promise for an act)
Express Contract - Correct Answer-An agreement that is
expressed in written or oral words
Quasi-Contract - Correct Answer-An equitable doctrine
whereby a court may award monetary damages to a plaintiff
for providing work or services to a defendant even though no
contract existed. Created to prevent unjust enrichment. AKA
Implied-in-law Contract
Auction - Correct Answer-A sale in which a seller of goods
offers goods for sale through an auctioneer
Mirror Image Rule - Correct Answer-A rule that states that
when acceptance to exist the offeree must accept the terms as
stated in the offer
Preexisting duties - Correct Answer-Something a person is
already an obligation to do. A promise lacks consideration if a
person promises to perform this
, 2
Consent - Correct Answer-a plea entered by a civil defendant
who has been sued by the government whereby the accused
agrees to the imposition of a penalty but does not admit
liability
Permission to do something
Undue Influence - Correct Answer-A situation in which one
person takes advantage of anther's mental, emotional, or
physical weakness and unduly persuades that person to enter
into a contract or make a will
Parol Evidence - Correct Answer-Any oral or written words
outside the four corners of a written contract
Statute of Frauds - Correct Answer-A state stature that
requires certain types of contracts to be in writing
Conditions - Correct Answer-A qualification of a promise that
becomes a covenant if it is met. Three types: precedent,
subsequent, and concurrent
Legal Damages - Correct Answer-These are monetary awards
that the law imposes for a breach of some duty or violation of
some right
Discharge - Correct Answer-Comes from liability on
negotiable instruments
Specific Performance - Correct Answer-A remedy that orders
the breaching party to perform the acts promised in the
contract. Usually awarded in cases in which the subject-matter
