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Business Law Saunders Belmont Final
Exam Prep Test Bank Newest Actual
Exam With Complete 380 Questions And
Correct Detailed Answers (Verified
Answers) |Already Graded A+
elements of accepting a contract - - ANS✔️--1. Offer
2. Acceptance
3. Consideration - both parties must give something to the bargain
4. Legality
5. Capacity
6. Consent
7. Writing (only applies to contracts under the Statute of Frauds)
bilateral contract - - ANS✔️--A promise made in exchange for another promise
unilateral contract - - ANS✔️--one party makes a promise that the other party can accept by
actually doing something
Express contract - - ANS✔️--An agreement with all the important terms explicitly stated.
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Implied contract - - ANS✔️--the words and conduct of the parties indicate they have intended an
agreement
Void and Voidable Contracts - - ANS✔️--an agreement that may be terminated by one of the
parties
Sources of Contract Law - - ANS✔️--common law and uniform commercial code
uniform commercial code - - ANS✔️--governs the enforcement of contract
Promissory Estoppel - - ANS✔️--a possible remedy for an injured plaintiff in a case with no valid
contract, when the plaintiff in a case with no valid contract, when the plaintiff can show a
promise, reasonable reliance, and injustice.
Quasi-Contract - - ANS✔️--a possible remedy for an injured plaintiff in a case with no valid
contract, when the plaintiff can show benefit to the defendant, reasonable expectation of
payment, and unjust enrichment.
not offers - - ANS✔️--Price Quotes, Advertisements and Letters of Credit (invitations to bid or
make an offer).
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Mirror Image Rule - - ANS✔️--requires that acceptance be on precisely the same terms as the
offer (common law)
Mailbox Rule - - ANS✔️--acceptance is generally effective upon dispatch. Terminations are
effective when received
2 elements of consideration - - ANS✔️--1. value: requires legal benefit to both parties
2. bargained-for exchange: both parties must reciprocate
Adequacy of Consideration - peppercorn theory: - - ANS✔️--even something as small as a
"peppercorn" when given, constitutes as consideration. As long as each party is giving
something, it's enough to constitute as consideration
Past consideration - - ANS✔️--Something given or some act done in the past, which cannot
ordinarily be consideration for a later bargain.
Preexisting Duty - - ANS✔️--If someone provides a service that they're already obligated to do,
that does not count as an act of consideration.
Liquidated debt - - ANS✔️--a debt in which there is no dispute about the amount owed
Business Law Saunders Belmont Final
Exam Prep Test Bank Newest Actual
Exam With Complete 380 Questions And
Correct Detailed Answers (Verified
Answers) |Already Graded A+
elements of accepting a contract - - ANS✔️--1. Offer
2. Acceptance
3. Consideration - both parties must give something to the bargain
4. Legality
5. Capacity
6. Consent
7. Writing (only applies to contracts under the Statute of Frauds)
bilateral contract - - ANS✔️--A promise made in exchange for another promise
unilateral contract - - ANS✔️--one party makes a promise that the other party can accept by
actually doing something
Express contract - - ANS✔️--An agreement with all the important terms explicitly stated.
,2|Page
Implied contract - - ANS✔️--the words and conduct of the parties indicate they have intended an
agreement
Void and Voidable Contracts - - ANS✔️--an agreement that may be terminated by one of the
parties
Sources of Contract Law - - ANS✔️--common law and uniform commercial code
uniform commercial code - - ANS✔️--governs the enforcement of contract
Promissory Estoppel - - ANS✔️--a possible remedy for an injured plaintiff in a case with no valid
contract, when the plaintiff in a case with no valid contract, when the plaintiff can show a
promise, reasonable reliance, and injustice.
Quasi-Contract - - ANS✔️--a possible remedy for an injured plaintiff in a case with no valid
contract, when the plaintiff can show benefit to the defendant, reasonable expectation of
payment, and unjust enrichment.
not offers - - ANS✔️--Price Quotes, Advertisements and Letters of Credit (invitations to bid or
make an offer).
, 3|Page
Mirror Image Rule - - ANS✔️--requires that acceptance be on precisely the same terms as the
offer (common law)
Mailbox Rule - - ANS✔️--acceptance is generally effective upon dispatch. Terminations are
effective when received
2 elements of consideration - - ANS✔️--1. value: requires legal benefit to both parties
2. bargained-for exchange: both parties must reciprocate
Adequacy of Consideration - peppercorn theory: - - ANS✔️--even something as small as a
"peppercorn" when given, constitutes as consideration. As long as each party is giving
something, it's enough to constitute as consideration
Past consideration - - ANS✔️--Something given or some act done in the past, which cannot
ordinarily be consideration for a later bargain.
Preexisting Duty - - ANS✔️--If someone provides a service that they're already obligated to do,
that does not count as an act of consideration.
Liquidated debt - - ANS✔️--a debt in which there is no dispute about the amount owed
