LEG 100 UNIT TWO MILESTONE BUSINESS LAW
COMPLETE SOLUTIONS VERIFIED 2026
◉ The purpose of contracts is __________. Answer: to encourage the
exchange of goods and services between people
◉ Riya writes an email promising to sell her car to Manish for $500, and
Manish replies that he will pay Riya on the 24th of the month. On the
24th, Manish pays Riya and she gives him the title to the car. Manish
and Riya have a(n) __________. Answer: executed contract
◉ After your surgery, you tell me that you can't walk your dog anymore.
You ask me to walk your dog for $50 a week, and I agree. This Monday,
I began walking your dog. We have a(n) __________. Answer: bilateral
contract
◉ The contractual element of consideration means that __________.
Answer: each party to a contract must give and receive value
◉ A contract with consideration from only one party __________.
Answer: may be enforceable under promissory estoppel
◉ The contractual element of agreement requires __________. Answer:
mutual assent between persons
, ◉ A contract is always voidable when __________. Answer: one party
to the contract is not of a legal age
◉ A purpose of the Statute of Frauds is to __________. Answer:
designate the kinds of contracts that must be in writing to be valid and
enforceable
◉ Lisa promises Ophelia a 5% return on her investment if Ophelia gives
her $1,000 to invest. Little does Ophelia know, Lisa has no intention of
investing the money. Instead, Lisa spends the money to pay off a prior
gambling debt. A court requires Lisa to return the $1,000 to Ophelia.
This is an example of which type of monetary award? Answer:
Restitution
◉ A store owner receives reimbursement for the difference in price of a
product that the seller could not deliver. This is an example of which
type of monetary award? Answer: Compensatory damages
◉ Which of the following people would likely be issued an order for
specific performance or an injunction, rather than a monetary award?
Answer: Lee signs a contract to purchase the last remaining beachfront
plot of land in his town from Ursula. Ursula then decides she will keep
the land and build a house for herself on it. Lee files suit against Ursula
for breach of contract.
COMPLETE SOLUTIONS VERIFIED 2026
◉ The purpose of contracts is __________. Answer: to encourage the
exchange of goods and services between people
◉ Riya writes an email promising to sell her car to Manish for $500, and
Manish replies that he will pay Riya on the 24th of the month. On the
24th, Manish pays Riya and she gives him the title to the car. Manish
and Riya have a(n) __________. Answer: executed contract
◉ After your surgery, you tell me that you can't walk your dog anymore.
You ask me to walk your dog for $50 a week, and I agree. This Monday,
I began walking your dog. We have a(n) __________. Answer: bilateral
contract
◉ The contractual element of consideration means that __________.
Answer: each party to a contract must give and receive value
◉ A contract with consideration from only one party __________.
Answer: may be enforceable under promissory estoppel
◉ The contractual element of agreement requires __________. Answer:
mutual assent between persons
, ◉ A contract is always voidable when __________. Answer: one party
to the contract is not of a legal age
◉ A purpose of the Statute of Frauds is to __________. Answer:
designate the kinds of contracts that must be in writing to be valid and
enforceable
◉ Lisa promises Ophelia a 5% return on her investment if Ophelia gives
her $1,000 to invest. Little does Ophelia know, Lisa has no intention of
investing the money. Instead, Lisa spends the money to pay off a prior
gambling debt. A court requires Lisa to return the $1,000 to Ophelia.
This is an example of which type of monetary award? Answer:
Restitution
◉ A store owner receives reimbursement for the difference in price of a
product that the seller could not deliver. This is an example of which
type of monetary award? Answer: Compensatory damages
◉ Which of the following people would likely be issued an order for
specific performance or an injunction, rather than a monetary award?
Answer: Lee signs a contract to purchase the last remaining beachfront
plot of land in his town from Ursula. Ursula then decides she will keep
the land and build a house for herself on it. Lee files suit against Ursula
for breach of contract.
