Business Law Exam #2 (STUDY GUIDE) with complete solutions rated A+

Business Law Exam #2 (STUDY GUIDE) with complete solutions rated A+Contract - correct answer Agreement that is enforceable by a court of law or equity Unilateral Contract - correct answer A contract in which the offeror's offer can be accepted only by the performance of an act by the offeree. (A promise for an act) Express Contract - correct answer An agreement that is expressed in written or oral words Quasi-Contract - correct answer An equitable doctrine whereby a court may award monetary damages to a plaintiff for providing work or services to a defendant even though no contract existed. Created to prevent unjust enrichment. AKA Implied-in-law Contract Auction - correct answer A sale in which a seller of goods offers goods for sale through an auctioneer Mirror Image Rule - correct answer A rule that states that when acceptance to exist the offeree must accept the terms as stated in the offer Preexisting duties - correct answer Something a person is already an obligation to do. A promise lacks consideration if a person promises to perform this Consent - correct answer a plea entered by a civil defendant who has been sued by the government whereby the accused agrees to the imposition of a penalty but does not admit liability Permission to do something Undue Influence - correct answer A situation in which one person takes advantage of anther's mental, emotional, or physical weakness and unduly persuades that person to enter into a contract or make a will