BUSINESS LAW FINAL EXAM STUDY
GUIDE 2026 EDITION
COMPREHENSIVE REVIEW, CASE-
BASED COMPREHENSION QUESTIONS,
PRACTICE EXAM, ANSWER
EXPLANATIONS AND FINAL EXAM
PREPARATION RESOURCE
promissory estoppel - CORRECT ANSWER -Prevents promisors from stating
in court that no consideration was received in exchange for the promise
1. Promisor should be able to foresee that the promisee would reasonably
rely on the promise
2. Promisee does act in reliance on the promise
3. Promise would suffer substantial economic loss if the promise was not
fulfilled
4. Injustice can be avoided only by enforcement of the promise - CORRECT
ANSWER -name 4 conditions that must be met for promissory estoppel
, composition with creditors - CORRECT ANSWER -Creditor agree to accept
less than what they are entitled to in satisfaction for the claims against a
debtor in exchange for bankruptcy not being filed
statute of frauds - CORRECT ANSWER -Statutes that require that certain
contracts must be in writing in order for them to be enforceable
1. Contracts for the sale of goods for over $500
2. Contract to sell an interest in real property
3. Contract that requires more than one year to complete
4. Contract to take over the debts of another or the debts of an estate.
5. Contract for which the consideration is marriage. - CORRECT ANSWER -
Name 5 contracts that fall under statute of frauds
In pari lecto - CORRECT ANSWER -of equal guilt
Lassiz faire - CORRECT ANSWER -hands off
Caveat emptor - CORRECT ANSWER -let the buyer beware
blue-sky law - CORRECT ANSWER -Prohibits the selling of worthless stocks
and bonds
Allocation of markets - CORRECT ANSWER -competitors agree to divide up
the market and not to compete in each other's territory
GUIDE 2026 EDITION
COMPREHENSIVE REVIEW, CASE-
BASED COMPREHENSION QUESTIONS,
PRACTICE EXAM, ANSWER
EXPLANATIONS AND FINAL EXAM
PREPARATION RESOURCE
promissory estoppel - CORRECT ANSWER -Prevents promisors from stating
in court that no consideration was received in exchange for the promise
1. Promisor should be able to foresee that the promisee would reasonably
rely on the promise
2. Promisee does act in reliance on the promise
3. Promise would suffer substantial economic loss if the promise was not
fulfilled
4. Injustice can be avoided only by enforcement of the promise - CORRECT
ANSWER -name 4 conditions that must be met for promissory estoppel
, composition with creditors - CORRECT ANSWER -Creditor agree to accept
less than what they are entitled to in satisfaction for the claims against a
debtor in exchange for bankruptcy not being filed
statute of frauds - CORRECT ANSWER -Statutes that require that certain
contracts must be in writing in order for them to be enforceable
1. Contracts for the sale of goods for over $500
2. Contract to sell an interest in real property
3. Contract that requires more than one year to complete
4. Contract to take over the debts of another or the debts of an estate.
5. Contract for which the consideration is marriage. - CORRECT ANSWER -
Name 5 contracts that fall under statute of frauds
In pari lecto - CORRECT ANSWER -of equal guilt
Lassiz faire - CORRECT ANSWER -hands off
Caveat emptor - CORRECT ANSWER -let the buyer beware
blue-sky law - CORRECT ANSWER -Prohibits the selling of worthless stocks
and bonds
Allocation of markets - CORRECT ANSWER -competitors agree to divide up
the market and not to compete in each other's territory
