Commercial Law Exam 3 Questions
With 100% Verified Answers
An agreement, a legally enforceable promise between parties -
correct answer ✅contract
Who is the person who makes a valid offer to contract -
correct answer ✅offeror
An offeror accepts a valid offer from an offeree -
correct answer ✅False. An offeree accepts offers
What concept do the following statements describe:
-People are free to contract as they choose
-All terms are enforceable by law
-a deal is a deal -
correct answer ✅Freedom of Contract
T or F: the courts look at whether you intended to agree to the
contract and that you knew it was a contract -
correct answer ✅False. They only care if you agreed. You can enter
a contract without realizing it's a contract
Which of the following is NOT a requirement of a valid offer
,Commercial Law Exam 3 Questions
With 100% Verified Answers
-Intentional
-Discreet
-Definite
-Communicated -
correct answer ✅Discreet
What are the requirements for valid acceptance? -
correct answer ✅-Intentional
-Definite (same terms)
-Communicated
What are the requirements for consideration -
correct answer ✅-Bargained for
-Values exchanged between the parties
These three things are requirements for what?
-offer
-acceptance
-consideration -
correct answer ✅Contract
, Commercial Law Exam 3 Questions
With 100% Verified Answers
What does definite mean when discussing offer requirement -
correct answer ✅price, quantity, time
What is a change in terms called -
correct answer ✅counter-offer
How can a contract be communicated -
correct answer ✅verbal, writing, gesture
What are the forms of consideration -
correct answer ✅-Money
-Goods
-Promise
-Intangible
Why can't you write a contract to commit a crime, wagering
contract or a contract not allowed by law -
correct answer ✅basis of the contract must be legal
With 100% Verified Answers
An agreement, a legally enforceable promise between parties -
correct answer ✅contract
Who is the person who makes a valid offer to contract -
correct answer ✅offeror
An offeror accepts a valid offer from an offeree -
correct answer ✅False. An offeree accepts offers
What concept do the following statements describe:
-People are free to contract as they choose
-All terms are enforceable by law
-a deal is a deal -
correct answer ✅Freedom of Contract
T or F: the courts look at whether you intended to agree to the
contract and that you knew it was a contract -
correct answer ✅False. They only care if you agreed. You can enter
a contract without realizing it's a contract
Which of the following is NOT a requirement of a valid offer
,Commercial Law Exam 3 Questions
With 100% Verified Answers
-Intentional
-Discreet
-Definite
-Communicated -
correct answer ✅Discreet
What are the requirements for valid acceptance? -
correct answer ✅-Intentional
-Definite (same terms)
-Communicated
What are the requirements for consideration -
correct answer ✅-Bargained for
-Values exchanged between the parties
These three things are requirements for what?
-offer
-acceptance
-consideration -
correct answer ✅Contract
, Commercial Law Exam 3 Questions
With 100% Verified Answers
What does definite mean when discussing offer requirement -
correct answer ✅price, quantity, time
What is a change in terms called -
correct answer ✅counter-offer
How can a contract be communicated -
correct answer ✅verbal, writing, gesture
What are the forms of consideration -
correct answer ✅-Money
-Goods
-Promise
-Intangible
Why can't you write a contract to commit a crime, wagering
contract or a contract not allowed by law -
correct answer ✅basis of the contract must be legal
