1. Can a binding contract be formed merely by actions of two parties? Explain.
a. Contract is created by an agreement of the parties that can be indicated their intentions
by their actions.
2. Explain the two essential
1. What is consideration? Explain.
A. consideration is whatever the promisor demands and receives as a price for a promise.
2. When does a promise constitute consideration?
A. If the promise imposes an obligation on th
1. Why does government regulate business?
a. The government regulates business in order to eliminate abuses and to control conduct
considered to be unreasonable.
2. By whom are administrative agencies run? How long do th
1. What is the penalty for Breach of Civil Wrong?
a. A breach of civil wrong is payment of damamges.
2. What is business law?
a. Business law is the class of laws that deal primarily with the conduct prescribed by
1. What is a contract?
a. A legally enforceable agreement
2. What provision does the law allow if a party to a contract fails or refuses to perform it?
a. If one party fails or refuses to perform their end of the contr
Due October 17, 2016
1. When are parties to a contract discharged by performance? Are all parties discharged simultaneously?
They are discharged by performance when they have done all they have agreed to do. Parties
1. What does the requirement that all parties have a legal and mental capacity to contract mean?
A. They need to understand that a contract is being made, understand the general nature, and
have legal competence to contr
A. What must an injured party show in order to recover for an intentional tort?
a. An act by the defendant, and intention to cause the consequences of the act, and
B. What must be shown or a negl
1. What is the chief function of the courts?
a. The courts declare and apply judicial precedents and apply the laws passed by
2. Over what must a court have jurisdiction before it can try a case?
a. A court m
1. What advantages does a written contract have over an oral contract?
Existence of a contract cannot be denied, the terms of the contract can be ascertained, more
2. Under what circumstances will the courts a