Business Law Exam #2 (STUDY GUIDE) / Questions with Definitive Solutions.Quiz____?Contract - Answer✓✓ Agreement that is enforceable by a court of law or equity Quiz____?Unilateral Contract - Answer✓✓ A contract in which the offeror's offer can be accepted only by the performance of an act by the offeree. (A promise for an act) Quiz____?Express Contract - Answer✓✓ An agreement that is expressed in written or oral words Quiz____?Quasi-Contract - Answer✓✓ An equitable doctrine whereby a court may award monetary damages to a plaintiff for providing work or services to a defendant even though no Page 1 of 28 1 / 3
contract existed. Created to prevent unjust enrichment. AKA Implied-in- law Contract Quiz____?Auction - Answer✓✓ A sale in which a seller of goods offers goods for sale through an auctioneer Quiz____?Mirror Image Rule - Answer✓✓ A rule that states that when acceptance to exist the offeree must accept the terms as stated in the offer Quiz____?Preexisting duties - Answer✓✓ Something a person is already an obligation to do. A promise lacks consideration if a person promises to perform this Quiz____?Consent - Answer✓✓ a plea entered by a civil defendant who has been sued by the government whereby the accused agrees to the imposition of a penalty but does not admit liability Page 2 of 28 2 / 3
Permission to do something Quiz____?Undue Influence - Answer✓✓ A situation in which one person takes advantage of anther's mental, emotional, or physical weakness and unduly persuades that person to enter into a contract or make a will Quiz____?Parol Evidence - Answer✓✓ Any oral or written words outside the four corners of a written contract Quiz____?Statute of Frauds - Answer✓✓ A state stature that requires certain types of contracts to be in writing Quiz____?Conditions - Answer✓✓ A qualification of a promise that becomes a covenant if it is met. Three
types: precedent, subsequent, and concurrent
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