Business Law Saunders Belmont Final Exam Prep Test Bank
Newest 2026-2027 Actual Exam With Complete 380 Questions
And Correct Detailed Answers (Verified Answers) |Already
Graded A+ Belmont University| MGT 2410
Exculpatory Clauses - Answer :a contract provision that attempts to release one party from liability in
the event the other is injured. i.e. a company isn't responsible for lost or stolen property.
i. Generally, cannot enforce a pre-waiver of liability
ii. Exception - bailments
Fraud and Misrepresentation - Answer :A. Injured person must show:
1. the defendant knew that his statement was false, or that he made a statement recklessly without
knowledge that it was fake
2. the false statement was material
3. the injured party justifiably relied on the statement
contracts that are voidable - Answer :1. minors
2. mentally impaired person
3. intoxication
4. fraud and misrepresentation
5. mistake
statute of frauds - Answer :i. Contracts involving an interest in land
ii. Contracts that cannot be performed within one year
iii. Contracts involving the sale of goods worth $500 or more (Uniform Commercial Code)
, Parole Evidence Rule - Answer :requires only what is contained within the written contract will be
binding, not allowed to use other evidence
third party beneficiary - Answer :Third party beneficiary: someone who wasn't a party to a contract but
benefits from it.
a. Had to have been contemplated by the parties
b. Had to benefit from the contract
assignment of rights - Answer :transferring contract rights.
delegation of duties - Answer :transferring contract duties
conditions precedent - Answer :had to occur at the beginning of the contract. (i.e. buyer has to get
financing before buying a house)
conditions subsequent - Answer :type of condition that has to occur after particular duty arises.
Defendant must prove the condition occurred, relieving them of any obligation.
Strict Performance - Answer :Requires one party to perform its obligations precisely, with no deviation
from the contract terms.
Time of the Essence Clauses - Answer :deadlines are to be strictly construed (contracts must have them)
Anticipatory Breach as a defense to performance - Answer :when the promisor of the contract makes it
clear they won't honor the contract. Promisor can take steps to make breach evident to get out of
contract
direct damages - Answer :i. flow directly from the contract
ii. must be reasonably certain
Newest 2026-2027 Actual Exam With Complete 380 Questions
And Correct Detailed Answers (Verified Answers) |Already
Graded A+ Belmont University| MGT 2410
Exculpatory Clauses - Answer :a contract provision that attempts to release one party from liability in
the event the other is injured. i.e. a company isn't responsible for lost or stolen property.
i. Generally, cannot enforce a pre-waiver of liability
ii. Exception - bailments
Fraud and Misrepresentation - Answer :A. Injured person must show:
1. the defendant knew that his statement was false, or that he made a statement recklessly without
knowledge that it was fake
2. the false statement was material
3. the injured party justifiably relied on the statement
contracts that are voidable - Answer :1. minors
2. mentally impaired person
3. intoxication
4. fraud and misrepresentation
5. mistake
statute of frauds - Answer :i. Contracts involving an interest in land
ii. Contracts that cannot be performed within one year
iii. Contracts involving the sale of goods worth $500 or more (Uniform Commercial Code)
, Parole Evidence Rule - Answer :requires only what is contained within the written contract will be
binding, not allowed to use other evidence
third party beneficiary - Answer :Third party beneficiary: someone who wasn't a party to a contract but
benefits from it.
a. Had to have been contemplated by the parties
b. Had to benefit from the contract
assignment of rights - Answer :transferring contract rights.
delegation of duties - Answer :transferring contract duties
conditions precedent - Answer :had to occur at the beginning of the contract. (i.e. buyer has to get
financing before buying a house)
conditions subsequent - Answer :type of condition that has to occur after particular duty arises.
Defendant must prove the condition occurred, relieving them of any obligation.
Strict Performance - Answer :Requires one party to perform its obligations precisely, with no deviation
from the contract terms.
Time of the Essence Clauses - Answer :deadlines are to be strictly construed (contracts must have them)
Anticipatory Breach as a defense to performance - Answer :when the promisor of the contract makes it
clear they won't honor the contract. Promisor can take steps to make breach evident to get out of
contract
direct damages - Answer :i. flow directly from the contract
ii. must be reasonably certain
