The Exchange Relationship
o Each participant must be willing to give up his or her
o Respective something of value to receive the something
o Held by the other
o The tangible product itself may not be as important as the
o Image or the benefits
LearnSmart Ch 9. Business
1. Which of the following is a source of contract law?
2. A _ is an indication of the willingness of the offeror to enter into a contract.
3. The terms of an offer must be definite and certain, meaning that all of
LearnSmart BUS Ch.16
1. Which of the following is not a recognized way the obligations of sellers and
buyers are determined?
By rules outlined in the Universal Contracts Code
2. These damages give the injured buyer or lessee the benefit of the bargain
LearnSmart BUS Ch. 10
1. Suppose Shawn offers to sell Molly his skis for 300. Molly responds, Ill look
at them in the morning, and if I like them, Ill pay you. At this point, Molly
has made an _ promise
2. Which of the following is not a requirem
LearnSmart BUS Ch.15
1. The common law requires some kind of writing created or signed by _
The party who is contesting the enforceability of the contract
2. The UCC defines a lease as a transfer of the right to _ of goods _ in return
Ch. 3 BUS Learn Smart
1. In terms of civil procedure, what occurs immediately after the attorneys have
impaneled a jury?
2. A reply is an answer to a _?
3. Which of the following terms refers to non-actual jurors sitting in
CH 7 BUS LS
1. To which of the following categories of individuals does a business property
owner owe the highest obligation?
2. Libel can occur _
In a magazine or newspaper
3. _ is the intentional communication to a 3rd party of a false statemen
1. Which of the following does not constitute a trade secret?
2. A(n) _ is made by a person during his/ her lifetime.
Inter vivos gift
3. Which of the following refers to the right to go onto someones land and take part
of the land or a product of
LearnSmart BUS Ch. 11
1. An _ ignorance of facts is one partys lack of knowledge regarding a
provision of an agreement that would make it illegal
2. A contract for a _ is a contract that supplies the minor with the basic
necessities of life
1. Which of the following is a correct statement regarding criminal prosecution?
2. Case law is the collection of legal interpretations made by?
3. A majority of citizens in a democracy can agree to establish rules for business
behavior. They can p
Digital media has created tremendous opportunities for businesses to:
o Forge relationships with consumers and business customers
o Target markets more precisely
o Reach previously inaccessible markets at home and around the world
o Idea generation
New ideas come internally from marketing research or employees and from
external sources such as ad agencies, consultants and customers
o Product screening
Screening involves management looking at the compan
1. Marketing- A group of activities designed to expedite transactions by creating, distributing,
pricing, and promoting goods, services, and ideas
2. Exchange- The act of giving up one thing (money, credit, labor, goods) in return for something
Learnsmart Ch 13 BUS
1. A delegation occurs when a party to a contract transfers his or her duty to
perform to a(n)
2. Which of the following is not a recognized main purpose of the statute of
To promote the notion that a persons word is