Business Law Exam #2 (STUDY
GUIDE) ||Newest Exam
Update||Already Graded A+
Guaranteed Pass
Contract -CORRECT ANSWER Agreement that is enforceable by a court of law or
equity
Unilateral Contract -CORRECT ANSWER A contract in which the offeror's offer can be
accepted only by the performance of an act by the offeree. (A promise for an act)
Express Contract -CORRECT ANSWER An agreement that is expressed in written or
oral words
Quasi-Contract -CORRECT 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 -CORRECT ANSWER A sale in which a seller of goods offers goods for sale
through an auctioneer
Mirror Image Rule -CORRECT ANSWER A rule that states that when acceptance to
exist the offeree must accept the terms as stated in the offer
Preexisting duties -CORRECT ANSWER Something a person is already an obligation
to do. A promise lacks consideration if a person promises to perform this
Consent -CORRECT 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 -CORRECT 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 -CORRECT ANSWER Any oral or written words outside the four
corners of a written contract
Statute of Frauds -CORRECT ANSWER A state stature that requires certain types of
contracts to be in writing
, Conditions -CORRECT ANSWER A qualification of a promise that becomes a covenant
if it is met. Three types: precedent, subsequent, and concurrent
Legal Damages -CORRECT ANSWER These are monetary awards that the law
imposes for a breach of some duty or violation of some right
Discharge -CORRECT ANSWER Comes from liability on negotiable instruments
Specific Performance -CORRECT 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 -CORRECT 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 -CORRECT 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 -CORRECT ANSWER A third party that has unintentionally
benefited from another's contract
Restraining Injunction -CORRECT ANSWER requires a person to do or cease doing a
specific action
Digital Signature -CORRECT ANSWER A contract digitally signed by a company or
person
Electronics Communications Privacy Act -CORRECT 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 -CORRECT ANSWER A model act that
established uniform legal rules for the formation and the enforcement of electronic
contracts and licensing
Law Merchant -CORRECT ANSWER Rules developed in English to resolve commercial
disputes that were based on common trade practices and usage
Unenforceable Contract -CORRECT 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
GUIDE) ||Newest Exam
Update||Already Graded A+
Guaranteed Pass
Contract -CORRECT ANSWER Agreement that is enforceable by a court of law or
equity
Unilateral Contract -CORRECT ANSWER A contract in which the offeror's offer can be
accepted only by the performance of an act by the offeree. (A promise for an act)
Express Contract -CORRECT ANSWER An agreement that is expressed in written or
oral words
Quasi-Contract -CORRECT 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 -CORRECT ANSWER A sale in which a seller of goods offers goods for sale
through an auctioneer
Mirror Image Rule -CORRECT ANSWER A rule that states that when acceptance to
exist the offeree must accept the terms as stated in the offer
Preexisting duties -CORRECT ANSWER Something a person is already an obligation
to do. A promise lacks consideration if a person promises to perform this
Consent -CORRECT 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 -CORRECT 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 -CORRECT ANSWER Any oral or written words outside the four
corners of a written contract
Statute of Frauds -CORRECT ANSWER A state stature that requires certain types of
contracts to be in writing
, Conditions -CORRECT ANSWER A qualification of a promise that becomes a covenant
if it is met. Three types: precedent, subsequent, and concurrent
Legal Damages -CORRECT ANSWER These are monetary awards that the law
imposes for a breach of some duty or violation of some right
Discharge -CORRECT ANSWER Comes from liability on negotiable instruments
Specific Performance -CORRECT 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 -CORRECT 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 -CORRECT 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 -CORRECT ANSWER A third party that has unintentionally
benefited from another's contract
Restraining Injunction -CORRECT ANSWER requires a person to do or cease doing a
specific action
Digital Signature -CORRECT ANSWER A contract digitally signed by a company or
person
Electronics Communications Privacy Act -CORRECT 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 -CORRECT ANSWER A model act that
established uniform legal rules for the formation and the enforcement of electronic
contracts and licensing
Law Merchant -CORRECT ANSWER Rules developed in English to resolve commercial
disputes that were based on common trade practices and usage
Unenforceable Contract -CORRECT 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
