BUSI 301 Chapter 6 questions with complete solutions

BUSI 301 Chapter 6 questions with complete solutionsA Contract... - correct answer is more than an agreement between two or more parties. Contracts are enforced agreements between the parties. One generally accepted definition of a contract is a promise or a set of promises enforceable by law. The necessary elements of a contract: - correct answer 1. Mutual Assent 2. Capacity to contract 3. Consideration 4. Legal purpose Mutual Assent - correct answer There must be an offer and agreement between the parties. Capacity to contract - correct answer The parties must be of proper age and mental competence. Consideration - correct answer There must be a bargained-for exchange of goods and/or services. Legal purpose - correct answer The reason and outcome of the contract must be legal. Hybrid Contracts - correct answer involve terms for both goods and services. Agreement - correct answer Any meeting of the minds resulting in mutual assent to do or refrain from doing something. Bilateral Contract - correct answer involves two promises and two performances. Unilateral Contract - correct answer involves one promise, followed by one performance, which then triggers a second performance from the offeror (the party making the offer).