(Business law) Define the terms "contract" and "consideration".
(Business law)
Define the terms "contract" and "consideration".
Homework Answers
Contract refers to a written or verbal agreement which is entered into between two parties and is legally enforceable.
It is a promise or set of promises between two parties creating a legal obligation to perform specific acts mentioned in the contract. The contract must be supported by something of value which is known as consideration and must be supported by mutual consent offer and acceptance.
Consideration refers to something of value which must be exchanged between the parties in order to make the contract binding. For example in a contract of sale of house the consideration in exchange for giving up the house by the seller is 1 million dollar.
Define the following business law terms: Apparent authority Vicarious Privity of contract Actual Authority Allocation Express...
Define the following business law terms: Apparent authority Vicarious Privity of contract Actual Authority Allocation Express authority Ratification Delegation Contract liability Respondiat superior Election rule Frolic of his/her own Independent contractors Unidentified
Explain and define the Infancy Doctrine and when and how it applies to contract law in...
Explain and define the Infancy Doctrine and when and how it applies to contract law in 1-2 pages in Word. You must include the definition and difference between the legal terms period of minority, void, voidable, and ratification.
(Business Law) Explain with an example how promissory estoppel affects consideration?
(Business Law) Explain with an example how promissory estoppel affects consideration?
This is a business law question According to contract law, a(n) is a belief about a...
This is a business law question
According to contract law, a(n) is a belief about a fact that is not in accordance with the truth. A assertion Which of the following is a ground for avoidance of a contract based on a unilateral mistake? B C. concealment mistake
Questions: 1. The requirements for a valid contract are Offer, Acceptance, Consideration, and Capacity. DEFINE each of these four requirements 2. EXPLAIN each of the four legal detriments of money, g...
Questions: 1. The requirements for a valid contract are Offer, Acceptance, Consideration, and Capacity. DEFINE each of these four requirements 2. EXPLAIN each of the four legal detriments of money, goods, services, or the giving up a legal right. PROVIDE an example of each. 3. SUMMARIZE the four ways in which acceptance is terminated by operation of law. PROVIDE an example of each. 4. CATEGORIZE the two different types of contract conditions. What requirement (from question 1), for a valid...
BUSINESS LAW 5. A contract not yet performed. Answers: A. Enforceable B. Equitable C. Executed D....
BUSINESS LAW 5. A contract not yet performed. Answers: A. Enforceable B. Equitable C. Executed D. Executory Question 6 The three elements of a valid contract do not include which of the following? Answers: A. Acceptance B. Agreement C. Consideration D. Offer Question 7 The elements of an enforceable contract do not include which of the following? Answers: A. Capacity B. Equity C. No illegalities D. Voluntary consent Question 8 The "reasonable person" standard means viewing events from the perspective...
BUSINESS LAW Question 29 There is no real difference between the "essential terms" and the "definiteness...
BUSINESS LAW Question 29 There is no real difference between the "essential terms" and the "definiteness of terms" in a contract. Answers: True False Question 30 A "firm offer" fulfilling the requirements of the Uniform Commercial Code is irrevocable. Answers: True False Question 31 A valid "firm offer" can only be made by a merchant. Answers: True False Question 32 Death of the offeror automatically revokes the offer as a matter of law. Answers: True False
(Business Law) Explain the idea of "stipulation" and the effect it has on a contract.
(Business Law) Explain the idea of "stipulation" and the effect it has on a contract.
What is informed consent and why is it so important? In terms of contract law.
What is informed consent and why is it so important? In terms of contract law.
Contract Analysis Assignment Have you ever clicked a box accepting the terms of service to use...
Contract Analysis Assignment Have you ever clicked a box accepting the terms of service to use software or an app on your computer? Did you read it before clicking? Locate and read a business contract—a mobile phone service agreement, terms of use for software or use of digital apps are examples. Many examples are available online. Write an introductory summary of the document you have selected. This should be one or two paragraphs and include the following information. How long...
Explain and define the Infancy Doctrine and when and how it applies to contract law in 1-2 pages in Word. You must include the definition and difference between the legal terms period of minority, void, voidable, and ratification.
This is a business law question
According to contract law, a(n) is a belief about a fact that is not in accordance with the truth. A assertion Which of the following is a ground for avoidance of a contract based on a unilateral mistake? B C. concealment mistake
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