BLFf7Unit3_Quiz_Chap_10thru19

BLFf7Unit3_Quiz_Chap_10thru19 - Unit Three Quizzes Chapters...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Unit Three Quizzes Chapters 10 through 19 Page 1 of 3 LAWS 3930, Business Law Fundamentals Spring 2007 © O'Hara Quiz October 1: Chapters 10 and 11 1. A contract has four elements: the parties must reach an ____________________ (i.e., offer and acceptance), ____________________ (i.e., bargained for exchange of legally sufficient value); contractual capacity; and legal subject matter. There are two defenses to a transaction that satisfies those four elements: the necessity of genuineness of ____________________ ; and the necessity a specific form (e.g., writing) for some types of contracts. 2. How a contract comes into existence varies. Some transactions are express contracts wherein all of the terms of that contract are known by the parties' words. Other transactions are implied contracts wherein all of the terms of that contract are known by the parties' acts, words, and/or ____________________ . Still other transactions are quasi contracts which are not contracts, but instead an ____________________ remedy. 3. The agreement of every contract must satisfy the ____________________ ____________________ Rule because the acceptance must match the offer. However, far from all contracts must satisfy the ____________________ ____________________ Rule because that rule only is relevant when the offerOR and offerEE are not dealing face-to-face. Quiz October 3: Chapter 12 1. Every contract must be supported by consideration. That consideration requires both a ____________________ for ____________________ and ____________________ ____________________ value. 2. An accord and satisfaction requires both an accord and a satisfaction. The accord is a ____________________ contract between the debtor and the creditor. The satisfaction is consideration based upon a good faith ____________________ between the debtor and the creditor about that debt. Quiz October 8: Chapter 13 1. An adhesion contract typically is the result of procedural unconscionability. Procedural unconscionability can result either from a lack of sufficient ________________ or a lack of sufficient ________________. That lack of ________________ can come from overly complex contract forms or from inconspicuous contract terms within the form. That lack of
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 3

BLFf7Unit3_Quiz_Chap_10thru19 - Unit Three Quizzes Chapters...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online