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Business Law Today

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Business Law Today
1- Contract law provide rules to determine which contract terms will be enforced and which promises must be kept.

True or False

2- A is an assertion that something either will or will not happen in the future.

A:

3- A contract needs two requirement and
Agreement is required to form a contract, regardless of whether it is formed in the traditional

A:

4- which is generally defined as: The value given in return for a promise,

A:

5- Common law governs all contracts except when it has been modified or replaced by statutory law, such as the Uniform Commercial Code (UCC),1 or by administrative agency regulations.

A:

6- Which contracts generally are governed by the common law of contracts.

A Services B Real estate C Employment D Insurance E All of the above

A:

7- Contracts for the sale and lease of goods, however, are governed by the ―to the extent that the UCC has modified general contract law.

A: ucc

The Definition and Function of a Contract

8- A is an agreement that can be enforced in court. It is formed by two or more parties who agree to perform or to refrain from performing some act now or in the future.

A:

9- Contract law assures the parties to private agreements that the promises they make will be enforceable

A:

10- A person who makes a promise

A:

11- A person to whom a promise is made ( usually a buyer ) A:

12- In determining whether a contract has been formed, the element of is of prime importance.

A:

13- Stating the clear intent of the (contract) or Objectiveness a contract that can be understood by others and not the issuing party.(subjective) is considered intent.

A:

14- In contract law, intent is determined by what is referred to as the

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