BUSI 301 QUESTIONS AND ANSWERS LATEST UPDATE ALREADY
GRADED A+
For a contract to be enforceable, the agreement must be the product of genuine: __________.
Assent
A lack of genuine assent occurs in all of the following cases except:______.
failure to reduce the contract to a writing.
The signature of the ______ is the one element of contract formality that is uniformly required.
party against whom enforcement is sought
______ 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
Contract formation is useless if a contract cannot be _____ by a court.
Blank 1: enforced or enforceable
When the parties complete their promises and obligations to each other, the contract is said to be:
______.
discharged
True or false: An agreement must lack a mistake in order to be legally enforceable.
True
Generally, courts allow the party who has ______ to be paid the full amount of the contract price less
any costs suffered.
substantially performed
True or false: The statute of frauds requires that all contracts be in writing and in a prescribed
manner.
False
A contract that contains the words "provided that" means that ______ is contained in the agreement.
a condition
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
Aside from discharge by good faith performance, the other circumstances under which parties may be
discharged from their obligations include _____ _____ and operation of law.
Blank 1: mutual
Blank 2: consent
To prevail, the party trying to enforce the contract must show she acted in good faith and that any
deviation from the required performance was ______.
not material
A ______ rescission by only one party, is not permitted.
unilateral
The statute of _____is the law that states certain contracts must be in writing to be enforceable.
Blank 1: frauds or fraud
Impossibility can be claimed in all the following events, except:______.
a condition precedent
Imposing conditions to a contract helps the parties allocate or adjust _____ associated with
performing a contract.
risk
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
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
The most common way for the parties to discharge their obligations is by: ______.
good faith performance
In a breach of contract claim, all of the following would be considered remedies at law: ______. (click
all that apply)
liquidated damages
compensatory damages
restitution
GRADED A+
For a contract to be enforceable, the agreement must be the product of genuine: __________.
Assent
A lack of genuine assent occurs in all of the following cases except:______.
failure to reduce the contract to a writing.
The signature of the ______ is the one element of contract formality that is uniformly required.
party against whom enforcement is sought
______ 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
Contract formation is useless if a contract cannot be _____ by a court.
Blank 1: enforced or enforceable
When the parties complete their promises and obligations to each other, the contract is said to be:
______.
discharged
True or false: An agreement must lack a mistake in order to be legally enforceable.
True
Generally, courts allow the party who has ______ to be paid the full amount of the contract price less
any costs suffered.
substantially performed
True or false: The statute of frauds requires that all contracts be in writing and in a prescribed
manner.
False
A contract that contains the words "provided that" means that ______ is contained in the agreement.
a condition
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
Aside from discharge by good faith performance, the other circumstances under which parties may be
discharged from their obligations include _____ _____ and operation of law.
Blank 1: mutual
Blank 2: consent
To prevail, the party trying to enforce the contract must show she acted in good faith and that any
deviation from the required performance was ______.
not material
A ______ rescission by only one party, is not permitted.
unilateral
The statute of _____is the law that states certain contracts must be in writing to be enforceable.
Blank 1: frauds or fraud
Impossibility can be claimed in all the following events, except:______.
a condition precedent
Imposing conditions to a contract helps the parties allocate or adjust _____ associated with
performing a contract.
risk
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
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
The most common way for the parties to discharge their obligations is by: ______.
good faith performance
In a breach of contract claim, all of the following would be considered remedies at law: ______. (click
all that apply)
liquidated damages
compensatory damages
restitution
