THE LEGAL ENVIRONMENT OF BUSINESS 12TH
EDITION STUDY GUIDE TEST BANK 2026 FULL
QUESTIONS AND ANSWERS
◉ sources of contract law. Answer: - case law/ common law -
statutory law, particularly the Uniform Commercial Code
◉ Uniform Commercial Code (UCC). Answer: statutory law that
governs contracts for the sale of goods
◉ express contract. Answer: an exchange of oral or written promises
between parties, which are enforceable in court of law
◉ implied (implied-in-fact) contract. Answer: a contract that is
established by the conduct of a party rather than by there party's
written or spoken words
◉ unilateral contract. Answer: an exchange of a promise for an act
◉ bilateral contract. Answer: the exchange of one promise for
another promise
, ◉ void contract. Answer: a contract that at its formation has an
illegal object or serious defects
◉ voidable contract. Answer: a contract that gives one of the parties
the option of withdrawing
◉ valid contract. Answer: a contract that meets all legal
requirements for a fully enforceable contract
◉ executed contract. Answer: a contract of which all the terms have
been performed
◉ quasi-contract. Answer: a court-imposed agreement to prevent
the unjust enrichment of one party when the parties had not really
agreed to an enforceable contract
◉ legal offer. Answer: an offer that shows objective intent to enter
into the contract, is definite, and is communicated to the offeree
◉ methods of termination of an offer. Answer: (1) lapse of time (2)
death of either party (3) destruction of the subject matter (4)
rejection by the offer (5) revocation by the offeror
◉ Elements of a legal contract. Answer: - legal offer
EDITION STUDY GUIDE TEST BANK 2026 FULL
QUESTIONS AND ANSWERS
◉ sources of contract law. Answer: - case law/ common law -
statutory law, particularly the Uniform Commercial Code
◉ Uniform Commercial Code (UCC). Answer: statutory law that
governs contracts for the sale of goods
◉ express contract. Answer: an exchange of oral or written promises
between parties, which are enforceable in court of law
◉ implied (implied-in-fact) contract. Answer: a contract that is
established by the conduct of a party rather than by there party's
written or spoken words
◉ unilateral contract. Answer: an exchange of a promise for an act
◉ bilateral contract. Answer: the exchange of one promise for
another promise
, ◉ void contract. Answer: a contract that at its formation has an
illegal object or serious defects
◉ voidable contract. Answer: a contract that gives one of the parties
the option of withdrawing
◉ valid contract. Answer: a contract that meets all legal
requirements for a fully enforceable contract
◉ executed contract. Answer: a contract of which all the terms have
been performed
◉ quasi-contract. Answer: a court-imposed agreement to prevent
the unjust enrichment of one party when the parties had not really
agreed to an enforceable contract
◉ legal offer. Answer: an offer that shows objective intent to enter
into the contract, is definite, and is communicated to the offeree
◉ methods of termination of an offer. Answer: (1) lapse of time (2)
death of either party (3) destruction of the subject matter (4)
rejection by the offer (5) revocation by the offeror
◉ Elements of a legal contract. Answer: - legal offer
