Business Law Final Exam Review [100% PASS] /verified/

Business Law Final Exam Review [100% PASS] /verified/ The term "consideration" in relation to contracts involves parties acting in an ethical manner. *Ans* False The Restatement (Second) of the Law of Contracts is not actually the law itself. *Ans* True The response that the offeror expects from the offeree determines whether a contract is bilateral or unilateral. *Ans* True Quasi-contracts are actual contracts. *Ans* False If a quasi-contract is imposed, the amount of damages for a breach is based upon the fair market value of any service provided to the defendant. *Ans* True There is no requirement that enrichment be unjust in order to recover under quasi-contract. *Ans* False If a contract is valid, then it is enforceable. *Ans* False Any contract that is not a formal contract is an informal contract, also called a simple contract. *Ans* True The purpose of a covenant not to compete, in the employer/employee context, is to restrict what an employee may do after leaving a company. *Ans* True If a person is intoxicated when signing a contract, they may not back out of the contract based on being intoxicated because being intoxicated is a voluntary condition. *Ans* False Contracts do not have to fall under the common law or the Uniform Commercial Code. *Ans* False A contract for the sale of a good falls under Article 2 of the UCC. *Ans* True A bond used as bail in a criminal case is a recognizance, which is an example of a formal contract. *Ans* True ________________ restrict what an employee may do after leaving a company, and they often dictate where, when, and with whom an employee may work. *Ans* Covenants not to compet