BUSI 301 Final Exam Comprehensive Guide – Latest Updated
Actual Exam Questions Verified Solutions 2025–2026 and
100% Correct Graded Solutions
If the elements of contract formation are satisfied, the contract must still:______. - be in
writing under certain circumstances
When the parties complete their promises and obligations to each other, the contract is
said to be: ______. - Discharged
An agreement must reflect ________ assent in order to legally form a contract. -
genuine or mutual
The statute of ______ is the law that states certain contracts must be in writing to be
enforceable. – Fraud
_____ is typically accomplished by attaching some event, known as a(n) ______ that
must occur before a particular performance obligation is triggered. - Risk Allocation;
Condition
A(n) ______ means that an event that must occur before performance under a contract
is due. - Condition Precedent
Imposing conditions to a contract helps the parties allocate or adjust _____ associated
with performing a contract. - risk
Generally, courts allow the party who has ______ to be paid the full amount of the
contract price less any costs suffered. - substantially performed
Passing the CPA exam or meeting some other licensing requirement within one year of
beginning employment with a company would be an example of a(n) ______. - condition
subsequent
If the promises to perform in an agreement are not conditional, the duty to perform is:
______. - Absolute
, A lack of genuine assent occurs in all of the following cases except:______. - failure to
reduce the contract to a writing.
The most common way for the parties to discharge their obligations is by: ______. -
good faith performance
The signature of the ______ is the one element of contract formality that is uniformly
required. - party against whom enforcement is sought
If both parties agree to the terms of a contract pursue good faith performance, but one
party cannot give perfect performance, his performance is said to be ______
performance. - substantial
If neither party has fully performed, the parties may agree to cancel the contract, also
known as ______. - rescission
A(n) ______ means that an event that must occur before performance under a contract
is due. - condition precedent
Impossibility can be claimed in all the following events, except:______.
destruction of subject matter
a condition precedent
death of the offeror
performance has become illegal - a condition precedent
Aside from discharge by good faith performance, the other circumstances under which
parties may be discharged from their obligations include _________ __________ and
operation of law. - mutual consent
True or false: The statute of frauds requires that all contracts be in writing and in a
prescribed manner. - False
When a party to an agreement owes a duty to perform and fails to fulfill her obligation,
she is said to have ______ the contract. - breached
A ______ rescission by only one party, is not permitted. - unilateral
Generally, anticipatory repudiation occurs when one party uses ______ language to
______ the contract in which case the nonbreaching party has the right to file an
immediate lawsuit. - Unequivocal; repudiate
All of the following are remedies at law except: ______.
restitution
injunctive relief
liquidated damages
Actual Exam Questions Verified Solutions 2025–2026 and
100% Correct Graded Solutions
If the elements of contract formation are satisfied, the contract must still:______. - be in
writing under certain circumstances
When the parties complete their promises and obligations to each other, the contract is
said to be: ______. - Discharged
An agreement must reflect ________ assent in order to legally form a contract. -
genuine or mutual
The statute of ______ is the law that states certain contracts must be in writing to be
enforceable. – Fraud
_____ is typically accomplished by attaching some event, known as a(n) ______ that
must occur before a particular performance obligation is triggered. - Risk Allocation;
Condition
A(n) ______ means that an event that must occur before performance under a contract
is due. - Condition Precedent
Imposing conditions to a contract helps the parties allocate or adjust _____ associated
with performing a contract. - risk
Generally, courts allow the party who has ______ to be paid the full amount of the
contract price less any costs suffered. - substantially performed
Passing the CPA exam or meeting some other licensing requirement within one year of
beginning employment with a company would be an example of a(n) ______. - condition
subsequent
If the promises to perform in an agreement are not conditional, the duty to perform is:
______. - Absolute
, A lack of genuine assent occurs in all of the following cases except:______. - failure to
reduce the contract to a writing.
The most common way for the parties to discharge their obligations is by: ______. -
good faith performance
The signature of the ______ is the one element of contract formality that is uniformly
required. - party against whom enforcement is sought
If both parties agree to the terms of a contract pursue good faith performance, but one
party cannot give perfect performance, his performance is said to be ______
performance. - substantial
If neither party has fully performed, the parties may agree to cancel the contract, also
known as ______. - rescission
A(n) ______ means that an event that must occur before performance under a contract
is due. - condition precedent
Impossibility can be claimed in all the following events, except:______.
destruction of subject matter
a condition precedent
death of the offeror
performance has become illegal - a condition precedent
Aside from discharge by good faith performance, the other circumstances under which
parties may be discharged from their obligations include _________ __________ and
operation of law. - mutual consent
True or false: The statute of frauds requires that all contracts be in writing and in a
prescribed manner. - False
When a party to an agreement owes a duty to perform and fails to fulfill her obligation,
she is said to have ______ the contract. - breached
A ______ rescission by only one party, is not permitted. - unilateral
Generally, anticipatory repudiation occurs when one party uses ______ language to
______ the contract in which case the nonbreaching party has the right to file an
immediate lawsuit. - Unequivocal; repudiate
All of the following are remedies at law except: ______.
restitution
injunctive relief
liquidated damages
