Business Law Exam #2
Study Guide 2026 |
Questions & Answers
Review |Graded A+ |
Guaranteed success|
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, Contract Agreement that is enforceable by a court of law or equity
Unilateral Contract 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 An agreement that is expressed in written or oral words
Quasi-Contract 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 A sale in which a seller of goods offers goods for sale through an auctioneer
Mirror Image Rule A rule that states that when acceptance to exist the offeree must accept the terms
as stated in the offer
Preexisting duties Something a person is already an obligation to do. A promise lacks consideration if
a person promises to perform this
Consent 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 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 Any oral or written words outside the four corners of a written contract
Statute of Frauds A state stature that requires certain types of contracts to be in writing
Conditions A qualification of a promise that becomes a covenant if it is met. Three types:
precedent, subsequent, and concurrent
Legal Damages These are monetary awards that the law imposes for a breach of some duty or
violation of some right
Discharge Comes from liability on negotiable instruments
Specific Performance A remedy that orders the breaching party to perform the acts promised in the
contract. Usually awarded in cases in which the subject-matter is unique, such as
contracts involving land, heirlooms, and paintings
Study Guide 2026 |
Questions & Answers
Review |Graded A+ |
Guaranteed success|
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, Contract Agreement that is enforceable by a court of law or equity
Unilateral Contract 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 An agreement that is expressed in written or oral words
Quasi-Contract 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 A sale in which a seller of goods offers goods for sale through an auctioneer
Mirror Image Rule A rule that states that when acceptance to exist the offeree must accept the terms
as stated in the offer
Preexisting duties Something a person is already an obligation to do. A promise lacks consideration if
a person promises to perform this
Consent 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 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 Any oral or written words outside the four corners of a written contract
Statute of Frauds A state stature that requires certain types of contracts to be in writing
Conditions A qualification of a promise that becomes a covenant if it is met. Three types:
precedent, subsequent, and concurrent
Legal Damages These are monetary awards that the law imposes for a breach of some duty or
violation of some right
Discharge Comes from liability on negotiable instruments
Specific Performance A remedy that orders the breaching party to perform the acts promised in the
contract. Usually awarded in cases in which the subject-matter is unique, such as
contracts involving land, heirlooms, and paintings
