LES 305 - CH 6 SMARTBOOK || A+ GRADED.
The lex mercatoria was an unbiased system of rules for deciding _______ disputes across
borders and political boundaries. correct answers commercial
Absent evidence of _______, _______, oppression, or _______, courts generally do not interfere
with the contracting process. correct answers fraud, mistake, lack of legal purpose
The Uniform Commercial Code defines good faith as "_________ and the observance of
_______ commercial standards of fair dealing." correct answers honesty in fact, reasonable
A valid contract has the following basic elements: _______, _______, ______, and _______.
correct answers mutual assent, legality, consideration, capacity
The Code of Hammurabi is a _______ legal code that dates back to 1754 BC, most of which
deals with contract law. correct answers Babylonian
_______ is demonstrated when the parties to a contract indicate through words or behavior that
they willingly agree to enter into a contract. correct answers mutual assent
In medieval Europe merchants created the ______, a stable, uniform, and unbiased system of
rules for deciding commercial disputes across borders and political boundaries. correct answers
lex mercatoria, merchant law
_______ requires both sides to obtain something of value (legal benefit) and to give up
something of value (legal detriment).
Multiple choice question. correct answers Consideration
________ in the United States allows persons to enforce contracts that are freely made and
signed.
Multiple choice question. correct answers Freedom of contract
_______ of purpose means that each contract must satisfy a legal purpose to be enforceable.
Multiple choice question. correct answers Legality
Every contract is premised on the notion of _______. correct answers good faith dealing
Parties to the contract who are _______, _______, or ______ may lack the required capacity to
enter into an enforceable contract. correct answers
All parties to a contract must have legal _______ to enter into the contract or the contract may
become voidable.
Multiple choice question. correct answers capacity
A valid offer and acceptance is usually how parties demonstrate _______. correct answers
mutual assent
The lex mercatoria was an unbiased system of rules for deciding _______ disputes across
borders and political boundaries. correct answers commercial
Absent evidence of _______, _______, oppression, or _______, courts generally do not interfere
with the contracting process. correct answers fraud, mistake, lack of legal purpose
The Uniform Commercial Code defines good faith as "_________ and the observance of
_______ commercial standards of fair dealing." correct answers honesty in fact, reasonable
A valid contract has the following basic elements: _______, _______, ______, and _______.
correct answers mutual assent, legality, consideration, capacity
The Code of Hammurabi is a _______ legal code that dates back to 1754 BC, most of which
deals with contract law. correct answers Babylonian
_______ is demonstrated when the parties to a contract indicate through words or behavior that
they willingly agree to enter into a contract. correct answers mutual assent
In medieval Europe merchants created the ______, a stable, uniform, and unbiased system of
rules for deciding commercial disputes across borders and political boundaries. correct answers
lex mercatoria, merchant law
_______ requires both sides to obtain something of value (legal benefit) and to give up
something of value (legal detriment).
Multiple choice question. correct answers Consideration
________ in the United States allows persons to enforce contracts that are freely made and
signed.
Multiple choice question. correct answers Freedom of contract
_______ of purpose means that each contract must satisfy a legal purpose to be enforceable.
Multiple choice question. correct answers Legality
Every contract is premised on the notion of _______. correct answers good faith dealing
Parties to the contract who are _______, _______, or ______ may lack the required capacity to
enter into an enforceable contract. correct answers
All parties to a contract must have legal _______ to enter into the contract or the contract may
become voidable.
Multiple choice question. correct answers capacity
A valid offer and acceptance is usually how parties demonstrate _______. correct answers
mutual assent
