Business Law Today

1- switch off law provide rules to determine which claim toll provide be enforce and which cartels moldinessiness be kept. True or False 2-A is an assertion that roughthing either leave or will not progress in the future. A 3-A shrivel needfully 2 requirement and balance is take to form a centralise, regardless of whether it is create in the traditional A 4- which is in general defined as The value pr hotshot in return for a promise, A -Common law governs all forces except when it has been special or replaced by statutory law, much(prenominal)(prenominal) as the Uniform Commercial jurisprudence (UCC),1 or by administrative function regulations. A 6-Which sign ons for the most part be governed by the common law of pores. A go B Real estate C Employment D Insurance E All of the supra A 7- bring forths for the throw and lease of goods, however, are governed by the ? to the issue that the UCC has modified general begin law. A ucc The Definition and Functi on of a Contract -A is an arranging that can be oblige in motor inn. It is formed by both or more than parties who agree to achieve or to refrain from effecting both(prenominal) act now or in the future. A 9-Contract law assures the parties to private intellects that the promises they bump off will be enforceable A 10- A some iodin who makes a promise A 11- A soul to whom a promise is do ( normally a depraveer ) A 12-In determining whether a pore has been formed, the element of is of prime importance.A 13-Stating the agnize intent of the ( boil down) or Objectiveness a contract that can be still by differents and not the issuing ships company. (subjective) is considered intent. A 14-In contract law, intent is determined by what is referred to as the of not by the individualized or subjective intent, or belief, of a society. A 15- Objective facts that moldiness be included in a contract. (1) What the troupe said when de except into the contract, (2) How the par ty acted or appeared, and The circumstances adjoin the transaction.All of the supra A Objective Theory of Contracts A guess nether which the intent to form a contract will be judged by pop popward, objective facts (what the party said when graveing into the contract, how the party acted or appeared, and the circumstances surrounding the transaction) as interpreted by a reasonable soul, rather than by the partys own secret, subjective goals. 16- ability to enter freely into contractual arrangements. , A freedom protected by the U. S. constitution in Article I, Section 10 ANOTE Because freedom of contract is a fundamental public constitution of the United States, courts rarely interfere with contracts that put on been voluntarily make. Exemption For example, il court-ordered hands, agreements that unreasonably restrain trade, and certain unfair contracts made between one party with a great amount of bargaining place and another with little power generally are not enforce d. Requirements for a valid contract 17- An agreement to form a contract includes an integrity party moldiness head to enter into a sound agreement and the other party indispensable accept the toll of the offerA 18- Any promises made by the parties must be back up by jural sufficient and bargained for setting ( something of value must be received) A something of value must be exchange by twain parties I. e (money for beer) 19- both(prenominal) partties entering into a contract must suck the contractual capacity to do so the law must contend them as being competent strung-out parties A 20- The contract must be to accomplish a goal that is legal and not against the law A 21- A mortal who makes an offer ( seller) or ( buyer)A 22- is the party to whom the offer is made A 23-One person agrees to buy another persons automobile for a specified harm this is an example of A Example Javier offers to buy Anns digital camera for $200. Javier tells Ann that he will glide by her the cash for the camera on the by-line Friday, when he gets paid. Ann accepts Javiers offer and promises to give him the camera when he suffers her on Friday. Javier and Ann deal formed a bilateral contract. A promise for a promise No delivery of goods (money or merchandise has taken place) 4- . , a contract that is a promise for an act. In other words, the contract is formed not at the moment when promises are exchanged save rather when the contract is performed. A congresswoman 8. 2 Reese says to Celia, If you accept my car from refreshing York to Los Angeles, Ill give you $1,000. Only on Celias completion of the act? transport the car to Los Angeles? does she fullyaccept Reeses offer to pay $1,000. If she chooses not to accept the offer to drive the car to Los Angeles, there are no legal consequences. 5-Contest and prizes are considered unilateral contract a (promise for an act) A The contest offerer can change the initial offer of the prize winnings. But they must a ffirm a clause that states that they reserve the respectable to change the harm of the contest. ( discrambler) if the contestant sues he or she will most credibly loose because she agreed to all the terms when signing up. A unilateral contract is usually not revocable unless stated. If I agree to buy someones boat upon reach at my dock, and I call that person and said I want to cancel.If the person is halfway or really jam to my dock it is considered (performance has been substantially undertaken,) the offeror cannot overrule the offer. I can not unreasonable the contract and I am lawfully binded to go thru with the offer. 26-Formal contracts includes Negotiable instruments, which include A Checks, B Drafts, C Promissory notes D Certificates of deposit E All of the above A 27- A contract that by law requires a specific form, such(prenominal) as being executed under seal, for its validity. A 8- Contracts that are simple provided might be in writing. A 29- A contract in wh ich the terms of the agreement are stated in words, oral or written. A In an express contract, the terms of the agreement are fully and explicitly stated in words, oral or written. A sign-language(a) lease for an apartment or a house is an express written contract. 30- A contract formed in self-colored or in part from the life of the parties (as opposed to an express contract). AFor an implied-in-fact contract to arise, certain requirements must be met. Normally, if the following conditions exist, a court will ready that an implied contract was formed The complainant render some work or property. The plaintiff expected to be paid for that service or property, and the defendant knew or should have known that payment was expected (by utilise the objective-theory-of- contracts test discussed on page 201). The defendant had a chance to reject the work or property and did not. EXAMPLE 8. 4 You need an accountant to fill out your tax return, so you find a local ccounting firm a nd drop by to talk to an accountant and learn what fees will be charged. The next day, you return and give the receptionist all the una voidable information and docu- ments, such as W-2 forms. Then you walk out the door without saying anything expressly to the accountant. In this situation, you have entered into an implied-in-fact contract 31- A contract that has been completely performed by both parties. A 32- A contract that has not as yet been fully performed. A 3- A valid contract has the four elements necessary for contract formation A An agreement (offer and acceptance), B Supported by legally sufficient consideration, C Made by parties who have the legal capacity to enter into the contract D For a legal purpose E All of the above 34 A contract is the ensue when the elements necessary for a contract f formation ( agreement, consideration, legal purpose and contractual capacity are met A 35-Voidable Contract A contract that may be legally canceled (canceled, or annulled) at he excerpt of one or both of the parties. A 36- A valid contract rendered unenforceable by some regulation or law. A As a general rule, for example, contracts made by minors are voidable at the option of the minor Additionally, contracts entered into under fraudulent conditions are voidable at the option of the defrauded party. Contracts entered into under legally defined duress or undue influ- ence are also voidable 37 A contract having no legal force or bandaging effect.A 38- A fictional contract compel on the parties by a court in the interests of fairness and erectice usually imposed to avoid the unjust improvement of one party at the expense of another. A Usually, quasi contracts are imposed to avoid the unjust enrichment of one party at the expense of another. The doctrine of unjust enrichment s based on the theory that individuals should not be allowed to profit or enrich themselves inequitably at the expense of others. 39- A meeting of two or more inds in regard to th e terms of a contract usually broken bug out into two events? an offer by one party to form a contract and an acceptance of the offer by the person to whom the offer is made. A 40- An offer and an acceptance. One party offers a certain bargain to another party, who then accepts that bargain. A 41- A promise or commitment to perform or refrain from performing some specified act in the future. tierce elements are necessary for an offer to be effective 1 There must be a serious, objective intention by the offeror. . The terms of the offer must be reasonably certain, or definite, so that the parties 3 The offer must be communicated to the offeree EXAMPLE 8. 14 Marcus Business Machines contacts your sight and offers to sell from one to ten MacCool write machines for $1,600 each state number coveted in acceptance. Your corporation agrees to buy two copiers. Because the quantity is specified in the acceptance, the terms are definite, and the contract is enforceable. EXAMPLE 8. 15 Tol son advertises a take for the return of her unconnected cat.Dirk, not knowing of the reward, finds the cat and returns it to Tolson. Ordinarily, Dirk cannot receive the reward because an essential element of a reward contract is that the one who claims the reward must have known it was offered. A few states would allow recovery of the reward, but not on contract principles? Dirk would be allowed to recover on the basis that it would be unfair to deny him the reward just because he did not know about(predicate) it. 42- the seller may reserve the honorable to confirm or reject the exchange even after the hammer has fallen. In this situ- ation, the seller is obligated to notify those attendance the auction off that sales of goods made during the auction are not final until support by the seller A 43- , the goods cannot be withdrawn by the seller and must be sold to the highest bidder. A 44- Agreement to agree agreements to agree may be enforceable agree- ments (contracts) if i t is clear that the parties intend to be bound by the agreements. preliminary agreement constitutes a binding contract if the parties have agreed on all essential terms and no disputed issues go forward to be resolved. 10