Business Law Exam Newest Updated
With Correct Question and Anwers
2025/2026 Graded A+
Quasi-Contract - ANSWER//An equitable doctrine whereby a court may award monetary
damages to a plaintiff for providing work or services to a defendant even though no
contract existed. Created to prevent unjust enrichment. AKA Implied-in-law Contract
Auction - ANSWER//A sale in which a seller of goods offers goods for sale through an
auctioneer
Mirror Image Rule - ANSWER//A rule that states that when acceptance to exist the
offeree must accept the terms as stated in the offer
Preexisting duties - ANSWER//Something a person is already an obligation to do. A
promise lacks consideration if a person promises to perform this
Consent - ANSWER//a plea entered by a civil defendant who has been sued by the
government whereby the accused agrees to the imposition of a penalty but does not
admit liability
Permission to do something
Undue Influence - ANSWER//A situation in which one person takes advantage of
anther's mental, emotional, or physical weakness and unduly persuades that person to
enter into a contract or make a will
Parol Evidence - ANSWER//Any oral or written words outside the four corners of a
written contract
Statute of Frauds - ANSWER//A state stature that requires certain types of contracts to
be in writing
Conditions - ANSWER//A qualification of a promise that becomes a covenant if it is met.
Three types: precedent, subsequent, and concurrent
,Legal Damages - ANSWER//These are monetary awards that the law imposes for a
breach of some duty or violation of some right
Discharge - ANSWER//Comes from liability on negotiable instruments
Specific Performance - ANSWER//A remedy that orders the breaching party to perform
the acts promised in the contract. Usually awarded in cases in which the subject-matter
is unique, such as contracts involving land, heirlooms, and paintings
Statute of Limitations - ANSWER//A federal or state statute setting the maximum time
period during which a certain action can be brought or certain rights enforced
Licensing Statute - ANSWER//Statute that requires a person or business to obtain a
license from the government prior to engaging in a specified occupation or activity
Incidental Beneficiary - ANSWER//A third party that has unintentionally benefited from
another's contract
Restraining Injunction - ANSWER//requires a person to do or cease doing a specific
action
Digital Signature - ANSWER//A contract digitally signed by a company or person
Electronics Communications Privacy Act - ANSWER//A federal statute that makes it a
crime without the victims consent to interpret an electronic communication at the point
of transmission, while in transit, when stored by a router or server or after receipt by the
intended recipient
Uniform Computer Information Transaction Act - ANSWER//A model act that
established uniform legal rules for the formation and the enforcement of electronic
contracts and licensing
Law Merchant - ANSWER//Rules developed in English to resolve commercial disputes
that were based on common trade practices and usage
Unenforceable Contract - ANSWER//A contract in which the essential elements to
create a valid contract are met but there is some legal defense to the enforcement of
the contract
Implied Contracts - ANSWER//Contracts in which some terms are not specifically
stated, but are understood by the parties based on the nature of the transaction
Promissory Estoppel and an Oral Act - ANSWER//An equity doctrine that permits
enforcement of oral contracts that should have been in writing. It is applied to avoid
injustice
, Promissory Estoppel and Consideration - ANSWER//An equity doctrine that permits a
court to order enforcement in a contract that lacks consideration. Also known as a
detrimental reliance
Bids - ANSWER//An offer of a price, especially at an auction
Silence - ANSWER//Usually not considered as acceptance even if the offeror stated that
this is
Accord and Satisfaction - ANSWER//The settlement of a contract dispute. AKA a
compromise
Charitable Subscription - ANSWER//Pledge or promise to donate money to a charity
given the enforce ability of a contract under law
Misrepresentation of Law - ANSWER//A type of fraud that occur when one party
misrepresents the law to another party. Usually not actionable as fraud unless a
professional knows what the law is intentionally misrepresents the law to a less
sophisticated contracting party
Contract of Adhesion - ANSWER//A preprinted contract prepared by a provider of goods
or services where the contract terms are set and the consumer or other party cannot
negotiate the contract terms and must accept the terms of the contact in order to obtain
the product or service. AKA a non-negotiable contact
Assignment - ANSWER//The transfer of rights under a contract
Third-Party Beneficiary - ANSWER//A person who benefits by the performance by
others of the others contracts
Substantial Performance - ANSWER//Performance by a contracting party the deviates
only slightly from complete performance, there is a minor breach
Remedies - ANSWER//Monetary awards for breaches in contracts
Equitable Remedies - ANSWER//A remedy that is available if there has been a breach
of contract that cannot be adequately compensated through a legal remedy or to
prevent unjust enrichment
Liquidated Damages - ANSWER//Damages that parties to a contact agree in advance
that should be paid if the contact is breached
Donee Beneficiary - ANSWER//A third party beneficiary to whom no legal duty is owed
and for whom performance is a gift
With Correct Question and Anwers
2025/2026 Graded A+
Quasi-Contract - ANSWER//An equitable doctrine whereby a court may award monetary
damages to a plaintiff for providing work or services to a defendant even though no
contract existed. Created to prevent unjust enrichment. AKA Implied-in-law Contract
Auction - ANSWER//A sale in which a seller of goods offers goods for sale through an
auctioneer
Mirror Image Rule - ANSWER//A rule that states that when acceptance to exist the
offeree must accept the terms as stated in the offer
Preexisting duties - ANSWER//Something a person is already an obligation to do. A
promise lacks consideration if a person promises to perform this
Consent - ANSWER//a plea entered by a civil defendant who has been sued by the
government whereby the accused agrees to the imposition of a penalty but does not
admit liability
Permission to do something
Undue Influence - ANSWER//A situation in which one person takes advantage of
anther's mental, emotional, or physical weakness and unduly persuades that person to
enter into a contract or make a will
Parol Evidence - ANSWER//Any oral or written words outside the four corners of a
written contract
Statute of Frauds - ANSWER//A state stature that requires certain types of contracts to
be in writing
Conditions - ANSWER//A qualification of a promise that becomes a covenant if it is met.
Three types: precedent, subsequent, and concurrent
,Legal Damages - ANSWER//These are monetary awards that the law imposes for a
breach of some duty or violation of some right
Discharge - ANSWER//Comes from liability on negotiable instruments
Specific Performance - ANSWER//A remedy that orders the breaching party to perform
the acts promised in the contract. Usually awarded in cases in which the subject-matter
is unique, such as contracts involving land, heirlooms, and paintings
Statute of Limitations - ANSWER//A federal or state statute setting the maximum time
period during which a certain action can be brought or certain rights enforced
Licensing Statute - ANSWER//Statute that requires a person or business to obtain a
license from the government prior to engaging in a specified occupation or activity
Incidental Beneficiary - ANSWER//A third party that has unintentionally benefited from
another's contract
Restraining Injunction - ANSWER//requires a person to do or cease doing a specific
action
Digital Signature - ANSWER//A contract digitally signed by a company or person
Electronics Communications Privacy Act - ANSWER//A federal statute that makes it a
crime without the victims consent to interpret an electronic communication at the point
of transmission, while in transit, when stored by a router or server or after receipt by the
intended recipient
Uniform Computer Information Transaction Act - ANSWER//A model act that
established uniform legal rules for the formation and the enforcement of electronic
contracts and licensing
Law Merchant - ANSWER//Rules developed in English to resolve commercial disputes
that were based on common trade practices and usage
Unenforceable Contract - ANSWER//A contract in which the essential elements to
create a valid contract are met but there is some legal defense to the enforcement of
the contract
Implied Contracts - ANSWER//Contracts in which some terms are not specifically
stated, but are understood by the parties based on the nature of the transaction
Promissory Estoppel and an Oral Act - ANSWER//An equity doctrine that permits
enforcement of oral contracts that should have been in writing. It is applied to avoid
injustice
, Promissory Estoppel and Consideration - ANSWER//An equity doctrine that permits a
court to order enforcement in a contract that lacks consideration. Also known as a
detrimental reliance
Bids - ANSWER//An offer of a price, especially at an auction
Silence - ANSWER//Usually not considered as acceptance even if the offeror stated that
this is
Accord and Satisfaction - ANSWER//The settlement of a contract dispute. AKA a
compromise
Charitable Subscription - ANSWER//Pledge or promise to donate money to a charity
given the enforce ability of a contract under law
Misrepresentation of Law - ANSWER//A type of fraud that occur when one party
misrepresents the law to another party. Usually not actionable as fraud unless a
professional knows what the law is intentionally misrepresents the law to a less
sophisticated contracting party
Contract of Adhesion - ANSWER//A preprinted contract prepared by a provider of goods
or services where the contract terms are set and the consumer or other party cannot
negotiate the contract terms and must accept the terms of the contact in order to obtain
the product or service. AKA a non-negotiable contact
Assignment - ANSWER//The transfer of rights under a contract
Third-Party Beneficiary - ANSWER//A person who benefits by the performance by
others of the others contracts
Substantial Performance - ANSWER//Performance by a contracting party the deviates
only slightly from complete performance, there is a minor breach
Remedies - ANSWER//Monetary awards for breaches in contracts
Equitable Remedies - ANSWER//A remedy that is available if there has been a breach
of contract that cannot be adequately compensated through a legal remedy or to
prevent unjust enrichment
Liquidated Damages - ANSWER//Damages that parties to a contact agree in advance
that should be paid if the contact is breached
Donee Beneficiary - ANSWER//A third party beneficiary to whom no legal duty is owed
and for whom performance is a gift
