Business law final exam Study guides, Class notes & Summaries

Agreement by both parties to a contract. Must be proven objectively, and is often established by showing an offer and acceptance Mutual Assent What is the term of art used to describe mutual assent? Meeting of the Minds What are the two kinds of mistakes? Unilateral Mutual Mutual assent, unless the other part knew or should have known of the mistake Often occurs for contraction bids One person makes a mistake Unilateral Mistake "Two ships peerless" In this cas...

AAMI Business Law Final Exam With 100% Correct Answers 2023

Identify the three essential elements required to form a contract Offer Consideration Acceptance T/F The uniform commercial code applies to all contracts made by any two or more parties False T/F The statute of frauds is a law created yo prevent oral evidence from being considered by a court to determine the intent of the parties False In a unilateral contract, the offer is accepted when the offeree performs the requested act T/F If a party materially breach a c...

The most important reason courts enforce contracts is/are: A. "a person's word is their bond." (It's the moral thing to do.) B. the law says one will keep one's promises, so you must obey the law C. contracts are a foundation of our economy D. keeping one's promises shows you can be trusted C T/F: Contract law emphasizes personal responsibility and accountability True T/F: An otherwise valid contract may still be unenforceable True A bilateral contract A. must ...

common law judge made law, body of all decisions made by judges statute law passed by Congress or by a state legislature equity court's use of power to create an equitable result precedent earlier court case used to influence a court decision in a current case criminal law concerns behavior so threatening that society outlaws it altogether civil law regulates the rights and duties between parties holding courts decision reverse to declare...

An agent can completely escape personal liability for a contract made with the authorization of the principal, as long as the principal: Is disclosed. How is a sole proprietorship taxed? The owner pays income tax on profits but the business isn't separately taxed Copyright infringement is a: Federal civil law Business crimes include: All choices are correct. In General, how is contract language interpreted? According to the most common and prevailing meaning. ...

Business Law Final Exam Practice Review Test 2024. Business Law - correct answer A set of established rules governing commercial relationships, including the enforcement of rights Law - correct answer The set of rules and principles guiding conduct in society Breach of Contract - correct answer Failure to comply with a contractual promise Age of majority - correct answer The age at which a person becomes an adult for legal purposes. Contract Law - correct answer Rules that make agre...

AAMI Business Law Final Exam 2023.

Except as provided by statute, an oral contract is just as valid and enforceable as a written one true Contracts of a type or class governed by the Statute of Frauds are said to be "within" the statute true The Statute of Frauds is rendered inapplicable when the "main purpose doctrine" is available true If an executor promises to pay the decedent's debt out of the executor's own pocket, it is unenforceable unless in writing and signed true Only the "party t...