Business Law Exam Questions With Accurate Answers.
Coffer - accurate answers-Proposal by an offeror to do something
duress - accurate answers-Occurs when one party uses and improper threat
or act to obtain an expression of agreement
rescission - accurate answers-Backing out of the transaction by asking for the
return of what you gave and offering to give back what you received
acceptance - accurate answers-Occurs when one party to whom an offer has
been made agrees to the proposal
fraud - accurate answers-Intentional misrepresentation of an existing,
important fact that causes injury
unilateral mistake - accurate answers-Occurs when one party holds an
incorrect belief about the facts related to a contract
contract - accurate answers-Agreement between two parties that creates an
obligation
genuine assent - accurate answers-Knowingly and willingly entering into a
contract
counteroffer - accurate answers-Offeree's response to an offer which modifies
it
voidable contract - accurate answers-Contract in which the injured party can
withdraw, thus cancelling the contract
fraudulent misrepresentation - accurate answers-Party to a contract knows
that a statement he or she made is untrue
bilateral contract - accurate answers-Contract that requires the offeree to
accept by communicating the requested promise to the offeror
mirror image rule - accurate answers-The rule that states the terms of the
acceptance must exactly match the terms contained in the offer
Coffer - accurate answers-Proposal by an offeror to do something
duress - accurate answers-Occurs when one party uses and improper threat
or act to obtain an expression of agreement
rescission - accurate answers-Backing out of the transaction by asking for the
return of what you gave and offering to give back what you received
acceptance - accurate answers-Occurs when one party to whom an offer has
been made agrees to the proposal
fraud - accurate answers-Intentional misrepresentation of an existing,
important fact that causes injury
unilateral mistake - accurate answers-Occurs when one party holds an
incorrect belief about the facts related to a contract
contract - accurate answers-Agreement between two parties that creates an
obligation
genuine assent - accurate answers-Knowingly and willingly entering into a
contract
counteroffer - accurate answers-Offeree's response to an offer which modifies
it
voidable contract - accurate answers-Contract in which the injured party can
withdraw, thus cancelling the contract
fraudulent misrepresentation - accurate answers-Party to a contract knows
that a statement he or she made is untrue
bilateral contract - accurate answers-Contract that requires the offeree to
accept by communicating the requested promise to the offeror
mirror image rule - accurate answers-The rule that states the terms of the
acceptance must exactly match the terms contained in the offer
