BUSFIN 3500 Ohio State Exam Questions And
Answers| Already Graded A+| Latest Update 2026
Jurisprudence - CORRECT ANSWER -The study of legal philosophy
Natural law - CORRECT ANSWER -law consists of a body of principles of right and justice existing
for all people irrespective of time and culture.
Positive law - CORRECT ANSWER -a law laid down by the duly constituted authority.
Legislation - CORRECT ANSWER -the process by which a statute is enacted or to the statute
itself.
Common law - CORRECT ANSWER -Laws made by a judge
Stare decisis - CORRECT ANSWER -A policy that courts have developed as a general rule, past
judicial decisions are used to decide present controversies.
Obiter dictum - CORRECT ANSWER -a statement made by the court that is not necessary to its
decision. But may have a persuasive effect on future decisions
Case law - CORRECT ANSWER -The facts of a case based on previous similar cases and their
decisions.
Case of first impression - CORRECT ANSWER -when a court must decide on an issue with no
statute or prior judicial decision to guide its determination
,Plain meaning rule - CORRECT ANSWER -where the language is clear a court does not go beyond
the words to determine what a statute means. A court will not apply a statute literally where
doing so produces an absurd result
The Uniform Commercial Code - CORRECT ANSWER -consists of 9 articles governing such
commercial transactions as security interest in property, checkes, drafts and other commercial
paper
Contract - CORRECT ANSWER -a promise that the law will enforce
Intent to Contract - CORRECT ANSWER -if it could be reasonably concluded that the promisor
intended to be legally bound
Bilateral Contract - CORRECT ANSWER -Exchanging of two promises
Unilateral Contract - CORRECT ANSWER -One promise. Offerer is not obligated to perform until
after offeree completes performance
Mailbox Rule - CORRECT ANSWER -If acceptance was made before offerree received revocation
then contract is made
Consideration - CORRECT ANSWER -The requirement that a promise be part of a bargained-for
exchange in order to be enforceable. 2 Parts 1. A legal detriment by the promisee that 2. is
bargained for by the promisor.
Past Consideration - CORRECT ANSWER -Not bargained for therefore cannot provide the
consideration for a present promise
,The Preexisting Duty Rule - CORRECT ANSWER -A promise to perform Duty is not consideration
If a professor says " I promise to pay you 50 dollars if you don't cheat on the final exam" Not
enforceable
The Restatement Second of Contracts - CORRECT ANSWER -contracts not fully performed on
either side a good faith modification in response to unanticipated conditions is in forcible
without consideration
Mutuality of Obligation - CORRECT ANSWER -If 1 parties promise only exists "if they feel like it"
then the other parties promise is unenforceable.
Statute of Frauds - CORRECT ANSWER -Promises that require written evidence. ie: Marriage,
Purchases over $500, Transfer of property excluding a lease under one year, Cannot be
performed in one year, To answer for the debt of another
Exception to statement of fraud - CORRECT ANSWER -Part Performance could negate need for
writing
Promissory Estopel or Reliance Theory - CORRECT ANSWER -It is used to inforce promises that
do not qualify as contracts Three Conditions 1. There must be a promise from a promisor to a
promisee 2. There must be reliance by the promisee upon the promise 3. The Reliance must be
to the promisee's substantial economic detriment
Moral Obligation - CORRECT ANSWER -if John owes Mary $500 but statute of limitations
prevents enforcing it. The Promise can still be enforced without new consideration if John
promises to pay it anyway
Quasi Contract - CORRECT ANSWER -if a doctor finds a person unconscious on the strwet and
performs services he can reasonably accept payment for those services
, Policing the Bargain - CORRECT ANSWER -A minor can dissafirm a contract but an adult cannot.
The minor is only required to return any remaining consideration but does not have to make
restitution. Minors are responsible for their contracts for necessities such as food clothing
shelter and medical care. Liable under quasi contract for the reasonable value of the benefit
received
Misrepresentation - CORRECT ANSWER -Does not have to be intentional, Statements such as "a
best buy" or "superb value" or future predictions are nonactionable. Non-disclosure and
concealment are actionable
Duress - CORRECT ANSWER -Occurs when one party's wrongful acts overcomes the free will of
another party
Mistake - CORRECT ANSWER -If the parties have not allocated the risk, a mutual mistake in a
basic assumption allows either party to rescind the contract
Unconsciousability - CORRECT ANSWER -If a party did not have a meaningful choice and where
the terms are so 1 sided as to be oppressive
Illegality - CORRECT ANSWER -A contact is illegal if its formation or performance is forbidden by
public policy. Contracts to sell Cocaine are not legal
Moral Truptitude - CORRECT ANSWER -serious misconduct
In pare delicto - CORRECT ANSWER -not equally blameworthy
Contract interpretation - CORRECT ANSWER -Drafter of a contract is responsible for the
ambiguities.
Answers| Already Graded A+| Latest Update 2026
Jurisprudence - CORRECT ANSWER -The study of legal philosophy
Natural law - CORRECT ANSWER -law consists of a body of principles of right and justice existing
for all people irrespective of time and culture.
Positive law - CORRECT ANSWER -a law laid down by the duly constituted authority.
Legislation - CORRECT ANSWER -the process by which a statute is enacted or to the statute
itself.
Common law - CORRECT ANSWER -Laws made by a judge
Stare decisis - CORRECT ANSWER -A policy that courts have developed as a general rule, past
judicial decisions are used to decide present controversies.
Obiter dictum - CORRECT ANSWER -a statement made by the court that is not necessary to its
decision. But may have a persuasive effect on future decisions
Case law - CORRECT ANSWER -The facts of a case based on previous similar cases and their
decisions.
Case of first impression - CORRECT ANSWER -when a court must decide on an issue with no
statute or prior judicial decision to guide its determination
,Plain meaning rule - CORRECT ANSWER -where the language is clear a court does not go beyond
the words to determine what a statute means. A court will not apply a statute literally where
doing so produces an absurd result
The Uniform Commercial Code - CORRECT ANSWER -consists of 9 articles governing such
commercial transactions as security interest in property, checkes, drafts and other commercial
paper
Contract - CORRECT ANSWER -a promise that the law will enforce
Intent to Contract - CORRECT ANSWER -if it could be reasonably concluded that the promisor
intended to be legally bound
Bilateral Contract - CORRECT ANSWER -Exchanging of two promises
Unilateral Contract - CORRECT ANSWER -One promise. Offerer is not obligated to perform until
after offeree completes performance
Mailbox Rule - CORRECT ANSWER -If acceptance was made before offerree received revocation
then contract is made
Consideration - CORRECT ANSWER -The requirement that a promise be part of a bargained-for
exchange in order to be enforceable. 2 Parts 1. A legal detriment by the promisee that 2. is
bargained for by the promisor.
Past Consideration - CORRECT ANSWER -Not bargained for therefore cannot provide the
consideration for a present promise
,The Preexisting Duty Rule - CORRECT ANSWER -A promise to perform Duty is not consideration
If a professor says " I promise to pay you 50 dollars if you don't cheat on the final exam" Not
enforceable
The Restatement Second of Contracts - CORRECT ANSWER -contracts not fully performed on
either side a good faith modification in response to unanticipated conditions is in forcible
without consideration
Mutuality of Obligation - CORRECT ANSWER -If 1 parties promise only exists "if they feel like it"
then the other parties promise is unenforceable.
Statute of Frauds - CORRECT ANSWER -Promises that require written evidence. ie: Marriage,
Purchases over $500, Transfer of property excluding a lease under one year, Cannot be
performed in one year, To answer for the debt of another
Exception to statement of fraud - CORRECT ANSWER -Part Performance could negate need for
writing
Promissory Estopel or Reliance Theory - CORRECT ANSWER -It is used to inforce promises that
do not qualify as contracts Three Conditions 1. There must be a promise from a promisor to a
promisee 2. There must be reliance by the promisee upon the promise 3. The Reliance must be
to the promisee's substantial economic detriment
Moral Obligation - CORRECT ANSWER -if John owes Mary $500 but statute of limitations
prevents enforcing it. The Promise can still be enforced without new consideration if John
promises to pay it anyway
Quasi Contract - CORRECT ANSWER -if a doctor finds a person unconscious on the strwet and
performs services he can reasonably accept payment for those services
, Policing the Bargain - CORRECT ANSWER -A minor can dissafirm a contract but an adult cannot.
The minor is only required to return any remaining consideration but does not have to make
restitution. Minors are responsible for their contracts for necessities such as food clothing
shelter and medical care. Liable under quasi contract for the reasonable value of the benefit
received
Misrepresentation - CORRECT ANSWER -Does not have to be intentional, Statements such as "a
best buy" or "superb value" or future predictions are nonactionable. Non-disclosure and
concealment are actionable
Duress - CORRECT ANSWER -Occurs when one party's wrongful acts overcomes the free will of
another party
Mistake - CORRECT ANSWER -If the parties have not allocated the risk, a mutual mistake in a
basic assumption allows either party to rescind the contract
Unconsciousability - CORRECT ANSWER -If a party did not have a meaningful choice and where
the terms are so 1 sided as to be oppressive
Illegality - CORRECT ANSWER -A contact is illegal if its formation or performance is forbidden by
public policy. Contracts to sell Cocaine are not legal
Moral Truptitude - CORRECT ANSWER -serious misconduct
In pare delicto - CORRECT ANSWER -not equally blameworthy
Contract interpretation - CORRECT ANSWER -Drafter of a contract is responsible for the
ambiguities.
