Business Law Collin College -Business law - Contract Law fully solved graded

Business Law Collin College -Business law - Contract Law fully solved graded Contract - correct answer between two or more parties that is enforceable by the court of law Elements of a contract - correct answer 1. Agreement = Proper author, Proper accepts 2. Consideration = For something of legal value ( I agreed to pay 10K to paint apartment , you agreed to do it) 3. Capacity 4. Genuine assent (author of text book points it out as defense) = 5/ Voluntary coming together 5. Legal purpose - The objective of the contract must be for a legal purpose. For example, a contract for illegal distribution of drugs is not a binding contract because the purpose for which it exists is not leg The characters of our play - correct answer Offeror/promise giving the contract Offeree/promise Contract that need to be writting - correct answer a. Any contract for sale of land b. Any contract for more than one year merchant you are governed by - correct answer uniform commercial code and 5 elements of common law Bilateral - correct answer for a promises Example you rent my apartment, you pay $X) Unilateral - correct answer a promise for an act / an agreement to pay for nonperformance. Example: Rewards, I will pay you $1,000 if you bring my car from Cleveland to San Francisco." Bringing the car is acceptance.