Business Law Final Exam Questios and
answers
Chapter 11 - Correct Answer -
Elements of a contract - Correct Answer - (1) an agreement (2) between competent
parties (3) based on the genuine assent of the parties that is (4) supported by
consideration, (5) made for a lawful objective, and (6) in the form required by law, if
any
Contracts are - Correct Answer - legally enforceable promises where something of
value is flowing both ways
Privity of contract - Correct Answer - The relationship that exists between the
promisor and the promisee of a contract.
UNC case
Bilateral Contract - Correct Answer - Promises go both ways (one promise given in
exchange for another) - i.e. negotiating for buying a car
2 ways contracts are classified - Correct Answer - bilateral and unilateral
Unilateral contract - Correct Answer - promise in exchange for an act
the offeror may promise to do somtething or to pay a certain amount of money only
when the oferee does an act - i.e. when a reward is offered, a contest is announced,
or changes are made and disseminated in an employee manual
AON case involved as a certain of the existence of a unilateral contract (look at
conclusion) - he performed the act so he should receive the promise (cause he
already did it they cannot revoke) acceptance was him doing the action
An implied contract - Correct Answer - The agreement is shown not by words
written or spoken, but by the acts and conduct of the parties
-Such a contract arises when (1) a person renders services under circumstances
indicating that payment for them is expected and (2) the other person, knowing
such circumstances, accepts the benefit of those activities
,Business Law Final Exam Questios and
answers
i.e. when a building owner requests a pro roofer to make emerfency repairs on the
roof of a building, an obligation arises to pay the reasonable value of such services,
although no agreement has been made about compensation
-AN IMPLIED CONTACT CANNOT ARISE WHEN THERE IS AN EXISTING CONTRACT ON
THE SAME SUBJECT - however, the existence or a written contract does not bar
recovery on an implied contract for extra work that was not covered by the contract
Quasi Contracts - Correct Answer - Quasi= "as if"
-not a true contract, an obligation imposed by law
-Quasi Contact is an obligation imposed by law
-When a person or enterprise receives a benefit from another, even in the absence
of a promise to pay for the benefit, a court may impose an obligation to pay for the
reasonable value of that benefit, to avoid UNJUST ENRICHMENT
-There is also quantum meruit (as much as he/she deserved)
MARSHALL v BROWN
question was is this unjust enrichment?
Unjust enrichment - Correct Answer - applies the law "outside the box" and fills in
the cracks where common civil law and statutes fail to achieve justice
a successful claim for unjest enrichment usually requires - Correct Answer - 1. A
beenfit conferred on the defendant
2. The defendant's knowledge of the benefit
3. A finding that it would be unjust for the defendant to retain the benefit without
payment
-Burden of proof is on the plantiff to prove all elements of the claim
Let's say BC sued a student for tuition and other expenses and there wasn't a
written contract so the court would consider this an unjust enrichment claim by the
college. The student attended classes and didn't pay for tuition. But this student
also received no credit hours toward a degree, which the the ultimate benefit of
college, and so the court found that he didn't receive a benefit and that a finding of
unjust enrichment was not appropriate
, Business Law Final Exam Questios and
answers
Quantum meruit - Correct Answer - the remedy
"As much as he deserves" - the DAMAGES awarded in a quasi-contract case
-a reasonable sum of money to be paid for services rendered or work done when
the amount due is not stipulated in a legally enforceable contract.
Agreement - Correct Answer - -consists of an offer by one party, called the offeror,
to enter into a contract and an acceptance of the terms of the offer by the other
party, called the offeree (OFFER AND ACCEPTANCE)
-Acceptance must be absolute and unequivocal
Assent - Correct Answer - mutual agreement
through this mutual agreement, assent, parties create enforceable duties or
obligations where each party is bound to do or refrain from doing certain acts
Implied in fact contract - Correct Answer - a contract in which agreement between
parties has been inferred from their conduct
look at case problem #9 page 217 - Correct Answer - Implied in fact contract
his daughter speaking on behalf of him was enough ot make him pay
he knew about improvements and he gave his assent
Agreement to make a contract at a future date - Correct Answer - No contract is
formed where the parties merely agree that they will consider making a contract at
a future date, or that they will come to an agreement on terms at a future date
Requirement of an offer - Correct Answer - HAVE TO HAVE DEFINITE AND CERTAIN
TERMS and have to be specific - if I want my car remodeled and want it to be "show
quality" and the car looks bad, the contract would fail because there are no definite
and certain terms on what "show quality" is. Saying "I'll take care of you, I promise"
is not definite and certain terms.
answers
Chapter 11 - Correct Answer -
Elements of a contract - Correct Answer - (1) an agreement (2) between competent
parties (3) based on the genuine assent of the parties that is (4) supported by
consideration, (5) made for a lawful objective, and (6) in the form required by law, if
any
Contracts are - Correct Answer - legally enforceable promises where something of
value is flowing both ways
Privity of contract - Correct Answer - The relationship that exists between the
promisor and the promisee of a contract.
UNC case
Bilateral Contract - Correct Answer - Promises go both ways (one promise given in
exchange for another) - i.e. negotiating for buying a car
2 ways contracts are classified - Correct Answer - bilateral and unilateral
Unilateral contract - Correct Answer - promise in exchange for an act
the offeror may promise to do somtething or to pay a certain amount of money only
when the oferee does an act - i.e. when a reward is offered, a contest is announced,
or changes are made and disseminated in an employee manual
AON case involved as a certain of the existence of a unilateral contract (look at
conclusion) - he performed the act so he should receive the promise (cause he
already did it they cannot revoke) acceptance was him doing the action
An implied contract - Correct Answer - The agreement is shown not by words
written or spoken, but by the acts and conduct of the parties
-Such a contract arises when (1) a person renders services under circumstances
indicating that payment for them is expected and (2) the other person, knowing
such circumstances, accepts the benefit of those activities
,Business Law Final Exam Questios and
answers
i.e. when a building owner requests a pro roofer to make emerfency repairs on the
roof of a building, an obligation arises to pay the reasonable value of such services,
although no agreement has been made about compensation
-AN IMPLIED CONTACT CANNOT ARISE WHEN THERE IS AN EXISTING CONTRACT ON
THE SAME SUBJECT - however, the existence or a written contract does not bar
recovery on an implied contract for extra work that was not covered by the contract
Quasi Contracts - Correct Answer - Quasi= "as if"
-not a true contract, an obligation imposed by law
-Quasi Contact is an obligation imposed by law
-When a person or enterprise receives a benefit from another, even in the absence
of a promise to pay for the benefit, a court may impose an obligation to pay for the
reasonable value of that benefit, to avoid UNJUST ENRICHMENT
-There is also quantum meruit (as much as he/she deserved)
MARSHALL v BROWN
question was is this unjust enrichment?
Unjust enrichment - Correct Answer - applies the law "outside the box" and fills in
the cracks where common civil law and statutes fail to achieve justice
a successful claim for unjest enrichment usually requires - Correct Answer - 1. A
beenfit conferred on the defendant
2. The defendant's knowledge of the benefit
3. A finding that it would be unjust for the defendant to retain the benefit without
payment
-Burden of proof is on the plantiff to prove all elements of the claim
Let's say BC sued a student for tuition and other expenses and there wasn't a
written contract so the court would consider this an unjust enrichment claim by the
college. The student attended classes and didn't pay for tuition. But this student
also received no credit hours toward a degree, which the the ultimate benefit of
college, and so the court found that he didn't receive a benefit and that a finding of
unjust enrichment was not appropriate
, Business Law Final Exam Questios and
answers
Quantum meruit - Correct Answer - the remedy
"As much as he deserves" - the DAMAGES awarded in a quasi-contract case
-a reasonable sum of money to be paid for services rendered or work done when
the amount due is not stipulated in a legally enforceable contract.
Agreement - Correct Answer - -consists of an offer by one party, called the offeror,
to enter into a contract and an acceptance of the terms of the offer by the other
party, called the offeree (OFFER AND ACCEPTANCE)
-Acceptance must be absolute and unequivocal
Assent - Correct Answer - mutual agreement
through this mutual agreement, assent, parties create enforceable duties or
obligations where each party is bound to do or refrain from doing certain acts
Implied in fact contract - Correct Answer - a contract in which agreement between
parties has been inferred from their conduct
look at case problem #9 page 217 - Correct Answer - Implied in fact contract
his daughter speaking on behalf of him was enough ot make him pay
he knew about improvements and he gave his assent
Agreement to make a contract at a future date - Correct Answer - No contract is
formed where the parties merely agree that they will consider making a contract at
a future date, or that they will come to an agreement on terms at a future date
Requirement of an offer - Correct Answer - HAVE TO HAVE DEFINITE AND CERTAIN
TERMS and have to be specific - if I want my car remodeled and want it to be "show
quality" and the car looks bad, the contract would fail because there are no definite
and certain terms on what "show quality" is. Saying "I'll take care of you, I promise"
is not definite and certain terms.
