business law Collin College -business law essentials questions with 100% correct answers

business law Collin College -business law essentials questions with 100% correct answersCriminal Law - correct answer requirements imposed by government on citizens by statute or ordinance where the conduct represents a societal interest in need of protection enforceable contract - correct answer must be an agreement, consideration, capacity and legality Agreement - correct answer must consist of an offer made by one party and an acceptance by another. Can be oral or written Acceptance - correct answer must be timely and unequivocal. Once accepted transforms into an agreement Rejection - correct answer Offeree can reject the offer terminating the offer without effect. Once rejected the offeree cannot later accept. Ceases to exist Counteroffer - correct answer upon receipt of an offer the offeree can send back a different offer. This then makes the original offerer the offeree. Once signed it transforms into an agreement Consideration - correct answer Exchange of promises that each will provide something of value to the other (money in exchange for goods) legality - correct answer an agreement between parties may not result in a legally binding contract where the objects of the agreement are illegal Capacity - correct answer Only those of sufficient mental capacity are able to sign a binding contract. Can be decided previously or after the fact by a court. Secured Transaction - correct answer created when a creditor makes a loan to a debt or in exchange for the debtor's pledge of personal property as security