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BUSINESS LAW CHAPTERS 14, 15, 16, 18 EXAM QUESTIONS WITH CORRECT ANSWERS RATED PAS

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BUSINESS LAW CHAPTERS 14, 15, 16, 18 EXAM QUESTIONS WITH CORRECT ANSWERS RATED PAS

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Institution Law For Business 15th Edition, Barnes, Lemper

Course Law for Business 15th Edition, Barnes, Lemper

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BUSINESS LAW CHAPTERS 14, 15, 16, 18 EXAM QUESTIONS WITH CORRECT ANSWERS RATED PAS

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BUSINESS LAW CHAPTERS 14, 15, 16, 18 EXAM QUESTIONS WITH CORRECT ANSWERS RATED PASS
WITH GRADE A+ 2025/2026

illegalityn-
nCORRECTnANSWERSagreementnisnunenforceablenifnitninvolvesnannactnthatnviolatesnanlawnornisnagainstnpubl

icnpolicyn(regardlessnofnconsent/capacity)

effectnofnillegalityn-nCORRECTnANSWERSnonremedynfornbreachnofnannillegalnagreement

commitnancrime,npromotenannillegalnpurpose,nperformnannunlicensednact,nornisninnrestraintnofncompetitionn
-nCORRECTnANSWERSagreementsnthatnviolatenpublicnpolicy

licensingnstatutesn-
nCORRECTnANSWERScommonnregulatorynstatutenrequiresnanpersonntonobtainnanlicense,npermit,nornregistra

tionnbeforenengagingninnanprofession

agreementsninnrestraintnofncompetitionn-
nCORRECTnANSWERSsolenpurposenofnannagreementnthatnrestrainsncompetitionnisnillegal

legitimateninterestn-
nCORRECTnANSWERSnecessarynelementnofnancontractninnorderntonbenprotectednbynthenrestrictionnonncomp

etition

nonncompetitionnclausen-
nCORRECTnANSWERSenforcednifnitnservesnanbusinessnpurpose,nhasnreasonablentime,narea,nandnscope,nandn

doesn'tnimposenannunduenhardship

exculpatorynclausen(liabilitynwaiver)n-
nCORRECTnANSWERSelementnofnancontractnthatnattemptsntonprotectnanpartynfromnliabilitynforndamages

Unconscionablenagreementsn-
nCORRECTnANSWERSthenabsencenofnmeaningfulnchoicentogethernwithntermsnthatnarenunreasonablynadvan

tageoustononenofnthenparties

UCCnUnconscionablenagreementsn-
nCORRECTnANSWERSgivesncourtsnpowerntonrefusentonenforcenallnornpartnofnancontractnfornthensalenofngood

snorntonmodifynsuchnancontractnifnitnisnfoundntonbenunconscionable

Contractsnofnadhesionn-
nCORRECTnANSWERSancontractnofferednbynanpartynwhonisninnansuperiornbargainingnpositionnonnantakenitnorn

leavenitnbasisn(enforcednunlessnharshnterm)

writingn-
nCORRECTnANSWERSgenerallynnotnrequiredntoncreatenanlegallynenforceablencontract,nbutnisnpreferablenov

ernannoralncontract.nSometimesnitnisnrequired

, CoverednContractn-
nCORRECTnANSWERSContractsnfornrealnestate,nsalenofngoodsnovern$500,ntermsnfornmorenthannonenyear,nco

llateralncontracts,nexecutor'snpromise,nandnmarriagenasnconsideration

collateralncontractsn-
nCORRECTnANSWERScontractsninnwhichnanguarantornpromisesntonperformnannobligationnofnanprincipalndeb

torntonannobligee

Leadingnobjectnrulen(mainnpurpose)n-
nCORRECTnANSWERSnonwritingnisnrequirednwherenthenguarantornmakesnancollateralnpromisenfornthenmainn

purposenofnobtainingnpersonalneconomicnadvantage

RealnEstatencoveredncontractsn-
nCORRECTnANSWERScontractsnfornthentransfernornsalenofnanninterestninnrealnestaten(somenstatesnreq.nwriti

ng)

Onenyearnrulencoveredncontractsn-
nCORRECTnANSWERSbilateralncontractsnthatncannotnbenperformednwithinnanyearnfromnthendatenofntheirnfo

rmation

$500nrulencoveredncontractsn-
nCORRECTnANSWERSUCCndictatesnthatncontractsnfornthensalenofngoodsnexceedingnannamountnmustnbeninn

writing

Signednmemorandumnofnthenpartiesnagreementn-
nCORRECTnANSWERStonsatisfynthenstatutenofnfraudsnthenidentitynofnparties,nsubjectnmatter,nandnsignaturen

ofnthenchargednpartynmustnbenstatedninnadditionntonthenquantitynofngoodsntonbensold.n(Salesnreceiptnisnsatis
factory)

UCCnsatisfyingnthenstatuenofnfraudsn-
nCORRECTnANSWERSwritingnmustnbensufficientntonindicatenancontractnfornsalenhasnbeennmadenbetweennth

enparties,

sufficientnwritingntonsatisfynstatutenofnfraudsn(UCC)n-
nCORRECTnANSWERSwritingnthatnincludesnconfirmatorynmemorandum,npartnpayment/delivery,nadmission

ninncourt,nandnspeciallynmanufacturedngoods

Parolnevidencenrulen-
nCORRECTnANSWERSwhennpartiesnenternanwrittenncontractnasnancompletenintegration,nancourtnwillnnotnpe

rmitnevidencenofncontemporaneousnornpriornstatementsntoncontradict,naddnto,nornalternthenterms

UCCnparolnevidencenrulen-
nCORRECTnANSWERSadmissiblenevidencenincludesnadditionalnterms,nexplainingnambiguities,ninvalidatingnc

ircumstances,nexistencenofncondition,nandnsubsequentnagreements

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