Promisor Study guides, Class notes & Summaries

Business Law questions n answers graded A+consideration - correct answer the inducement to enter into a contract- something of legal value must be exchanged 1. legal sufficiency 2. bargained for exchange legal sufficiency - correct answer promise must give up something of legal value or promisor must receive something of legal value 1. legal detriment 2. legal benefit legal detriment - correct answer doing that which the promise was under no prior legal obligation to do or refraining ...

Express Actual Authority: - ANSWERSAuthority explicitly given to the agent through the principal's written or oral instructions Implied Actual Authority: - ANSWERSauthority to do what is usual, customary and necessary to accomplish the action. No express agreement Apparent Authority: - ANSWERSsomeone reasonably believes an individual has the authority to act on the behalf of the government Delegation of authority: - ANSWERShe FAR and states that each authority is delegable unless speci...

contract - correct answers a binding agreement based on the genuine assent of the parties, made for a lawful object, between competent parties, in the form required by law, and generally supported by consideration promisor - correct answers person who makes a promise promisee - correct answers person to whom a promise is made obligor - correct answers promisor obligee - correct answers promisee who can claim the benefit of the obligation privity - correct answers parties to a cont...

Mortuary Jurisprudence exam 3 Question and answers rated A+ 2023/2024What are the 6 requirements of an enforceable contract? - correct answer 1. Agreement 2. Assent 3. Consideration 4. Competence 5. Lawful purpose 6. Form required by law Unilateral Contract - correct answer One party making a promise Bilateral Contract - correct answer Both individuals are promisors and promisees Promisor - correct answer A person who makes a promise. Promisee - correct answer A person to whom a...

Contract - correct answers An agreement between 2 competent parties enforceable by law. Elements of A contract - correct answers 1. an agreement 2. between competent parties 3. based on terms agreed upon by both 4. supported by consideration 5. must be lawful 6. in the form required by law if necessary Promisor - correct answers Person who makes a Promise Promisee - correct answers Person to whom a promise is made Obligor - correct answers Promisor Obligee - correct answers P...

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...

Express Actual Authority: - ️️Authority explicitly given to the agent through the principal's written or oral instructions Implied Actual Authority: - ️️authority to do what is usual, customary and necessary to accomplish the action. No express agreement Apparent Authority: - ️️someone reasonably believes an individual has the authority to act on the behalf of the government Delegation of authority: - ️️he FAR and states that each authority is delegable unless specifica...

Contract Law Test Question With 100% Complete Solutions 2023 Updated Real Exam Hamer v. Sideway - ANSWER- Nephew was promised by his uncle that if he did refrain from drinking using tobacco, swearing, and playing cards or billboards until he became 21 years of age and then he would pay him $5,000. The nephew preformed the terms of the promise and he sent a letter to his uncle informing him of the performance. Uncle said he would give him the money just once he is a little older. The uncle die...

LEGL 2700 Roessing Exam 2 Questions and Answers 2024. Promise - correct answer A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - correct answer The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - correct answer Tangible (touchable), movable personal property Bilateral Contract - correct answer Promise in exchange for a promise Involves...