Law - Unit 2 Challanges.docx - BUSINESS LAW UNIT 2...

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BUSINESS LAW UNIT 2 CHALLENGE Contracts allow a free society to __________. a.)create order out of disorderb.)do away with capitalismc.)achieve total equalityd.)assert control over its members Select the true statement about the Restatement of the Law of Contracts. Why was the Uniform Commercial Code (UCC) created? Riya writes an email promising to sell her car to Manish for $500, and Manish replies that he will pay Riya on the 24th of the month. On the 24th, Manish pays Riya and she gives him the title to the car.Manish and Riya have a(n) __________.
b.)implied contractc.)executed contractd.)unilateral contract The contractual element of agreement requires __________. a.)a verbally communicated offer and acceptanceb.)an offer and acceptance in written formc.)an offer with definite terms, but not an acceptanced.)mutual assent between persons A contract with consideration from only one party __________. The contractual element of consideration means that __________. eA contract is always voidable when __________.
c.)the contract has not been reviewed by an attorneyd.)the parties to the contract have a power imbalance A purpose of the Statute of Frauds is to __________. a.)ensure that contracts formed for fraudulent purposes are preserved in writingb.)outline the penalties for committing fraud in certain kinds of contractsc.)enforce the full execution of oral contractsd.)prevent one party from falsely claiming that a contract was formed in certain areas of exchang e Lisa promises Ophelia a 5% return on her investment if Ophelia gives her$1,000 to invest. Little does Ophelia know, Lisa has no intention of investing the money. Instead, Lisa spends the money to pay off a prior gambling debt. A court requires Lisa to return the $1,000 to Ophelia.

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