BUSI 301 QUESTIONS AND ANSWERS LATEST UPDATE ALREADY
GRADED A+
Even if the elements of a contract are met, the contract still must
be the product of genuine assent
be in writing under certain circumstances
A lack of genuine assent occurs in cases of __________.
misrepresentation and fraudulent misrepresentation
Duress
Undue influence
uncoscionability
For a contract to be enforceable, the agreement must be the product of genuine: __________.
Assent
True or false: An agreement must lack a mistake in order to be legally enforceable.
True
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
Enforced by a court
A lack of genuine assent occurs in all of the following cases except: ______.
failure to reduce the contract to a writing.
if the promises to perform in an agreement are not conditional, the duty to perform is: ______.
Absolute
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 elements of contract formation are satisfied, the contract must still: ______.
be in writing under certain circumstances
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
When the parties complete their promises and obligations to each other, the contract is said to be:
______.
Discharged
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
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
If the promises to perform in an agreement are not conditional, the duty to perform is: ______.
Absolute
The most common way for the parties to discharge their obligations is by: ______.
good faith performance
Impossibility can be claimed in all the following events, except: ______.
a condition precedent
Generally, courts allow the party who has ______ to be paid the full amount of the contract price less
any costs suffered.
substantially performed
In cases where a party ______ breaches the contract, the no breaching party is entitled to either
______ performance or be discharged from his obligations completely.
materially, suspend
, Generally, anticipatory ________ occurs before contractual performance is due.
Repudiation or breach
For most breach of contract claims, the remedy at law will be ______ awarded by the court to the no
breaching party.
Monetary Damages
In most cases a(n) ______ will make performance ______ impossible.
Illness temporarily
An award of ______ are (or is) one of the ways in which the law provides a ______ to compensate the
no breaching party for losses suffered.
money damages, remedy
______ damages are an attempt to put the no breaching party in the same position she would have
been in if the other party had performed as agreed.
Compensatory
Generally, anticipatory repudiation occurs when one party uses ______ language to ______ the
contract in which case the no breaching party has the right to file an immediate lawsuit.
unequivocal, repudiate
The no breaching party is entitled to recover ______ damages if the damages are caused by unique
and ______ circumstances beyond the contract itself.
consequential, foreseeable
All of the following are remedies at law except: ______.
injunctive relief
It is important for managers to understand that, to prevail, the impossibility must be ________ (a
reasonable person would consider the obligation impossible to perform) rather than _______.
objective, subjective
Compensatory damages include ______ damages and even potential ______ that would have been
earned if performance had occurred.
out-of-pocket, profits
Restitution is a remedy designed to prevent the ______ of one party in an agreement.
unjust enrichment
______ damage provisions are commonly used in license agreements, such as a software user's
license.
liquidated
GRADED A+
Even if the elements of a contract are met, the contract still must
be the product of genuine assent
be in writing under certain circumstances
A lack of genuine assent occurs in cases of __________.
misrepresentation and fraudulent misrepresentation
Duress
Undue influence
uncoscionability
For a contract to be enforceable, the agreement must be the product of genuine: __________.
Assent
True or false: An agreement must lack a mistake in order to be legally enforceable.
True
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
Enforced by a court
A lack of genuine assent occurs in all of the following cases except: ______.
failure to reduce the contract to a writing.
if the promises to perform in an agreement are not conditional, the duty to perform is: ______.
Absolute
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 elements of contract formation are satisfied, the contract must still: ______.
be in writing under certain circumstances
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
When the parties complete their promises and obligations to each other, the contract is said to be:
______.
Discharged
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
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
If the promises to perform in an agreement are not conditional, the duty to perform is: ______.
Absolute
The most common way for the parties to discharge their obligations is by: ______.
good faith performance
Impossibility can be claimed in all the following events, except: ______.
a condition precedent
Generally, courts allow the party who has ______ to be paid the full amount of the contract price less
any costs suffered.
substantially performed
In cases where a party ______ breaches the contract, the no breaching party is entitled to either
______ performance or be discharged from his obligations completely.
materially, suspend
, Generally, anticipatory ________ occurs before contractual performance is due.
Repudiation or breach
For most breach of contract claims, the remedy at law will be ______ awarded by the court to the no
breaching party.
Monetary Damages
In most cases a(n) ______ will make performance ______ impossible.
Illness temporarily
An award of ______ are (or is) one of the ways in which the law provides a ______ to compensate the
no breaching party for losses suffered.
money damages, remedy
______ damages are an attempt to put the no breaching party in the same position she would have
been in if the other party had performed as agreed.
Compensatory
Generally, anticipatory repudiation occurs when one party uses ______ language to ______ the
contract in which case the no breaching party has the right to file an immediate lawsuit.
unequivocal, repudiate
The no breaching party is entitled to recover ______ damages if the damages are caused by unique
and ______ circumstances beyond the contract itself.
consequential, foreseeable
All of the following are remedies at law except: ______.
injunctive relief
It is important for managers to understand that, to prevail, the impossibility must be ________ (a
reasonable person would consider the obligation impossible to perform) rather than _______.
objective, subjective
Compensatory damages include ______ damages and even potential ______ that would have been
earned if performance had occurred.
out-of-pocket, profits
Restitution is a remedy designed to prevent the ______ of one party in an agreement.
unjust enrichment
______ damage provisions are commonly used in license agreements, such as a software user's
license.
liquidated
