Business Law Exam #2 (STUDY GUIDE)2025
4 - ansThe typical Stature of Limitations for a breach of contract is ________ years
acceptance - ansa manifestation of accent by the offeree to the terms of the offer in a manner invited or
acquired by the offer as measured by the objective theory of contracts.
Accord and Satisfaction - ansThe settlement of a contract dispute. AKA a compromise
advertisement - ansan invitation to make an offer or an actual offer.
Anticipatory Repudiation - ansAn assertion or action by a party indicating that he or she will not perform an
obligation that the party is contractually obligated to perform at a future time.
Assignment - ansThe transfer of rights under a contract
Auction - ansA sale in which a seller of goods offers goods for sale through an auctioneer
Bids - ansAn offer of a price, especially at an auction
Bilateral Contract - ansA contract entered into by way of exchange of promises of the parties " a promise for a
promise"
C - ansRodney agrees to sell his car to Rowena for $5,000. The exchange is to take place in ten days. The
contract between Rodney and Rowena is? A. Unilateral, Executed and Valid B. Bilateral, Executed and Valid C.
Bilateral, Executory and Express D. Bilateral, Executory and Implied
C - ansWhich of the following is necessary for a valid offer?
A. A writing
, B. Reliance by the offeree
C. Facts and circumstances that reasonably indicate the offeror's intent to contract
D. A subjective intent by the offeror to enter into a contract
C - ansWhich of the following statements is true regarding a Quasi-Contract?
A. It permits monetary damages to the defendant since no contract legally exists
B. Agreement to a contract has been inferred between the parties from their conduct
C. It is an equitable doctrine designed to prevent unjust enrichment
D. It applies only if there is an enforceable contract between the parties
capacity - ansThe legal ability to enter a contract. No infancy, mental retardation, or intoxication
Charitable Subscription - ansPledge or promise to donate money to a charity given the enforce ability of a
contract under law
Conditions - ansA qualification of a promise that becomes a covenant if it is met. Three types: precedent,
subsequent, and concurrent
Consent - ansa 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
consideration - anssomething of legal value given in exchange for a promise
Contract - ansAgreement that is enforceable by a court of law or equity
Contract of Adhesion - ansA preprinted contract prepared by a provider of goods or services where the
4 - ansThe typical Stature of Limitations for a breach of contract is ________ years
acceptance - ansa manifestation of accent by the offeree to the terms of the offer in a manner invited or
acquired by the offer as measured by the objective theory of contracts.
Accord and Satisfaction - ansThe settlement of a contract dispute. AKA a compromise
advertisement - ansan invitation to make an offer or an actual offer.
Anticipatory Repudiation - ansAn assertion or action by a party indicating that he or she will not perform an
obligation that the party is contractually obligated to perform at a future time.
Assignment - ansThe transfer of rights under a contract
Auction - ansA sale in which a seller of goods offers goods for sale through an auctioneer
Bids - ansAn offer of a price, especially at an auction
Bilateral Contract - ansA contract entered into by way of exchange of promises of the parties " a promise for a
promise"
C - ansRodney agrees to sell his car to Rowena for $5,000. The exchange is to take place in ten days. The
contract between Rodney and Rowena is? A. Unilateral, Executed and Valid B. Bilateral, Executed and Valid C.
Bilateral, Executory and Express D. Bilateral, Executory and Implied
C - ansWhich of the following is necessary for a valid offer?
A. A writing
, B. Reliance by the offeree
C. Facts and circumstances that reasonably indicate the offeror's intent to contract
D. A subjective intent by the offeror to enter into a contract
C - ansWhich of the following statements is true regarding a Quasi-Contract?
A. It permits monetary damages to the defendant since no contract legally exists
B. Agreement to a contract has been inferred between the parties from their conduct
C. It is an equitable doctrine designed to prevent unjust enrichment
D. It applies only if there is an enforceable contract between the parties
capacity - ansThe legal ability to enter a contract. No infancy, mental retardation, or intoxication
Charitable Subscription - ansPledge or promise to donate money to a charity given the enforce ability of a
contract under law
Conditions - ansA qualification of a promise that becomes a covenant if it is met. Three types: precedent,
subsequent, and concurrent
Consent - ansa 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
consideration - anssomething of legal value given in exchange for a promise
Contract - ansAgreement that is enforceable by a court of law or equity
Contract of Adhesion - ansA preprinted contract prepared by a provider of goods or services where the
