Business Law 241 Questions With Accurate Answers.
Bilateral Contract - accurate answers-a promise for a promise
Unilateral Contract - accurate answers-A promise for a performance
Express Contract - accurate answers-A contract expressed in oral or written
words - most contracts
Implied in fact contract - accurate answers-A contract inferred from the
conduct of the parties; 3 parts: 1. service performed 2. expected payment 3.
defendant could have rejected but didn't
Valid contract - accurate answers-a contract that meets all the essential
elements of establishing a contract: ACCL - Agreement. Consideration.
Contractual Capacity. Lawful objective.
void contract - accurate answers-As if the contract had never existed
voidable contract - accurate answers-a contract in which at lease one party
has the option of voiding the contract; Mental incompetence, minors,
intoxicated
unenforceable contract - accurate answers-a contract that cannot be enforced
because of a legal defense - can be performed but doesn't have to; no
obligation
executed contract - accurate answers-a contract that is fully performed on
both sides
Agreement - accurate answers-Offer and Acceptance. A meeting of the minds,
mutual assent
Offer - accurate answers-3 criterion:
1. Offer intends to be bound by the offer
2. Definite or reasonably certain terms (PCQT) - Parties, Consideration,
Quantity, Time
3. Communicated from the offeror to the offeree
, Objective intent - accurate answers-Reasonable person viewing circumstances
Advertisement - accurate answers-invitation to an offer
Rewards - accurate answers-whoever fulfills the offer gets the reward
Counteroffer - accurate answers-initial offer is declined but with a new offer
made
Option - accurate answers-consideration required to hold the offer open
Termination by Operation of Law - how do we terminate offers? - accurate
answers-4 ways: (DDIT)
1. Destruction of subject matter
2. Death or incompetence of Offeror or Offeree
3. Supervening Illegality
4. Lapse of Time (when expired)
Acceptance - accurate answers-2 ways:
1. Unequivocal Acceptance - no doubt/ straight up acceptance - grumbling
counts
2. Mirror image acceptance
Silence is not an Acceptane - accurate answers-1. Offeree indicates that silence
is an acceptance
2. offeree signs an agreement that silence is acceptance until further notice
3. prior dealings indicate that silence is acceptance -> recurring charge
Mailbox rule - accurate answers-Acceptance is effective when its sent
Exceptions for the Mailbox Rule - accurate answers-1. Authorized means not
used
2. Reasonable means not used
3. Bad address
4. Contract around the acceptance - not valid until we receive it
5. Rejection then accpetance - then its a race
Bilateral Contract - accurate answers-a promise for a promise
Unilateral Contract - accurate answers-A promise for a performance
Express Contract - accurate answers-A contract expressed in oral or written
words - most contracts
Implied in fact contract - accurate answers-A contract inferred from the
conduct of the parties; 3 parts: 1. service performed 2. expected payment 3.
defendant could have rejected but didn't
Valid contract - accurate answers-a contract that meets all the essential
elements of establishing a contract: ACCL - Agreement. Consideration.
Contractual Capacity. Lawful objective.
void contract - accurate answers-As if the contract had never existed
voidable contract - accurate answers-a contract in which at lease one party
has the option of voiding the contract; Mental incompetence, minors,
intoxicated
unenforceable contract - accurate answers-a contract that cannot be enforced
because of a legal defense - can be performed but doesn't have to; no
obligation
executed contract - accurate answers-a contract that is fully performed on
both sides
Agreement - accurate answers-Offer and Acceptance. A meeting of the minds,
mutual assent
Offer - accurate answers-3 criterion:
1. Offer intends to be bound by the offer
2. Definite or reasonably certain terms (PCQT) - Parties, Consideration,
Quantity, Time
3. Communicated from the offeror to the offeree
, Objective intent - accurate answers-Reasonable person viewing circumstances
Advertisement - accurate answers-invitation to an offer
Rewards - accurate answers-whoever fulfills the offer gets the reward
Counteroffer - accurate answers-initial offer is declined but with a new offer
made
Option - accurate answers-consideration required to hold the offer open
Termination by Operation of Law - how do we terminate offers? - accurate
answers-4 ways: (DDIT)
1. Destruction of subject matter
2. Death or incompetence of Offeror or Offeree
3. Supervening Illegality
4. Lapse of Time (when expired)
Acceptance - accurate answers-2 ways:
1. Unequivocal Acceptance - no doubt/ straight up acceptance - grumbling
counts
2. Mirror image acceptance
Silence is not an Acceptane - accurate answers-1. Offeree indicates that silence
is an acceptance
2. offeree signs an agreement that silence is acceptance until further notice
3. prior dealings indicate that silence is acceptance -> recurring charge
Mailbox rule - accurate answers-Acceptance is effective when its sent
Exceptions for the Mailbox Rule - accurate answers-1. Authorized means not
used
2. Reasonable means not used
3. Bad address
4. Contract around the acceptance - not valid until we receive it
5. Rejection then accpetance - then its a race
