Business Law 9.0

Question 1

contract

Answer 1

binding agreement that a court would enforce

Question 2

a contract can be what

Answer 2

verbal or filmed

Question 3

what are the 2 ways of breaching a contract

Answer 3

completely fails to perform
and
imperfect performance

Question 4

golden rule of contracts

Answer 4

the goal of contract law is to put the non-breaching party in the same position they would have been in if the contract had not been performed

Question 5

if party A breaches their contract with party B, what can B do?

Answer 5

sue
or
stop performing under the contract

Question 6

does “stop performing” mean breach the contract back?

Answer 6

no

Question 7

what can some one sue for in the case there is sale of assets

Answer 7

sue for the amount of KNOWN future profits

Question 8

compensatory damages

Answer 8

money; the amount of money needed to compensate the non breaching party as a result of the breach of contract

Question 9

equitable remedies

Answer 9

sometimes the non-breaching party does not want money, all they want is what is fair.

Question 10

efficient breach

Answer 10

sometimes it makes sense to breach a contract

Question 11

example of an efficient breach

Answer 11

walmart/target bracelet example

Question 12

4 requirements for a valid contract

Answer 12

mutual assent / agreement
consideration / value
legality of objective
capacity

Question 13

mutual assent / agreement

Answer 13

there must be a “meeting of the minds” by the parties to agree on the key aspects of the contract and make sure everyone is on the same point

Question 14

consideration of value

Answer 14

each party of the contract must do or give something as a part of it

Question 15

legality of the objective

Answer 15

every activity in the contract must be legal

Question 16

capacity

Answer 16

you must be over 18 and competent

Question 17

express contracts

Answer 17

where it is clear from the parties’ words or writings that they have a contract

Question 18

implied contracts

Answer 18

where we infer from the parties’ conducts that they have a contract

Question 19

what is an example of an implied contract

Answer 19

ordering food from a waiter

Question 20

an inference is ____ and an implication is _____

Answer 20

an inference is received and an implication id given