MGMT 455 Final Exam| 114 Practice Test with answers| Updated 2024

Definition of a Contract - ️️Total legal OBLIGATION which results from the parties' agreement. Requirements for a Valid Contract - ️️1)Agreement between Parties, 2)Agreement supported by Consideration, 3) Legal Capacity of the Parties, 4)Legal Purpose, 5) Agreement in the Proper form. 3 Kinds of Contracts - ️️Express, Implied Quasi Express Contract - ️️Agreement of the Parties manifested by their words, whether spoken or written. Implied Contract - ️️When people have done previous business together. Have a habit of dealing with each other the court rules the contract implied Quasi Contract - ️️an obligation of one party to another imposed by law independently of an agreement between the parties. occurs when a person retains money or benefits that in all fairness belong to another, would exist without judicial relief. A quasi contract is a contract that exists by order of a court. Unjust Enrichment - ️️A general equitable principle that no person should be allowed to profit at another's expense without making restitution for the reasonable value of any property, services, or other benefits that have been unfairly received and retained. The mailing of under ordered merch constitutes an unfair method of trade practice and competition. Any merch that is mailed can be treated as a gift and recipient has full rights of the merch. - ️️True