BusFin 3500 Exam Questions And Answers|
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Who is the person who agrees to the terms of an offer made by another party?
offeree
contract
A promise or a set of promises for the breach of which the law gives a remedy, or the
performance of which the law in some way recognizes as a duty.
Elements of a Contract
agreement, consideration, capacity, legality
In the U.S., which of the following are the two most important sources of contract law?
U.S. contract law primarily comes from common law (case law) and the UCC, which governs
sales of goods.
First element
the agreement consists of an offer (offerer), to enter into a contract and an acceptance of the
terms of the offer (offeree)
Consideration
The bargained-for exchange; what each party gets in exchange for his or her promise under a
contract.
contractional capacity
The legal ability to enter into a binding agreement.
what are the defenses to the enforcement of a contract
lack of genuine assent and lack of proper form
Under ________, if a writing, or term in question, appears to be plain and unambiguous on its
face, its meaning must be determined from the four corners of the instrument without resort to
outside evidence, with the words being given their ordinary meaning.
The plain-meaning rule says if contract language is clear and unambiguous, courts interpret it
based only on the written document itself (no outside evidence).
Already Graded A+| Latest Update
Who is the person who agrees to the terms of an offer made by another party?
offeree
contract
A promise or a set of promises for the breach of which the law gives a remedy, or the
performance of which the law in some way recognizes as a duty.
Elements of a Contract
agreement, consideration, capacity, legality
In the U.S., which of the following are the two most important sources of contract law?
U.S. contract law primarily comes from common law (case law) and the UCC, which governs
sales of goods.
First element
the agreement consists of an offer (offerer), to enter into a contract and an acceptance of the
terms of the offer (offeree)
Consideration
The bargained-for exchange; what each party gets in exchange for his or her promise under a
contract.
contractional capacity
The legal ability to enter into a binding agreement.
what are the defenses to the enforcement of a contract
lack of genuine assent and lack of proper form
Under ________, if a writing, or term in question, appears to be plain and unambiguous on its
face, its meaning must be determined from the four corners of the instrument without resort to
outside evidence, with the words being given their ordinary meaning.
The plain-meaning rule says if contract language is clear and unambiguous, courts interpret it
based only on the written document itself (no outside evidence).
