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Business Law Exam 2
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Business Law Exam 2
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25 Questions

1. Offer terminates by law when when the period of time specified in the offer has passed. If no time period for acceptance is specified, the offer terminates at the end of a reasonable period of time.

2. occurs when congress chooses to act exclusively when national and state governments have concurrent

3. only original parties to a contract have rights and liabilities under the contract

4. Promise to hold an offer open for a specified period of time in return of consideration

5. Prevents state from imposing unreasonable burdens on citizens

6. formed by words, the terms of the agreement are fully and explicitly stated in words, oral or written

7. Person is adjudged by a court of law and a guardian has been appointed.

8. Voluntary act (expressed or implied) by the offeree that shows assent to the terms of an offer. Unequivocal Acceptance: the 'mirror image rule'

9. Judicial branch of one country will not examine the validity of public acts by foreign government within its own territory

10. acceptance necessary because there is a mutual exchange of promises

11. occurs when a party takes specific action to conceal a fact that is material to the contract

12. at common law, any change in terms automatically terminates the offer and substitutes the counteroffer

13. Case: (1964) supreme court prohibited racial discrimination in interstate commerce

14. the equal protection ______ test is applied to laws involving gender or legitimacy

15. promise to do what one already has a legal duty to perform

16. This rejection terminates the offer, effective only when it is received by the Offeror or offeror's agent

17. Requires a special form for creation, must be in writing to be enforceable. They require a special form or method of creation to be enforceable

18. What three elements are necessary under common law for an offer to be effective?

19. Promise for performance

20. Acceptance is effective when offeree sends it

21. No contract exists, or there is a contract without legal obligation

22. Under the administrative procedure act an agency must do what steps to make a Rule

23. An essential element for contract formation, the parties must mutually assent to the same bargain

24. A valid contract can be avoided or rescinded based on certain legal defenses; a party has the option of avoiding or enforcing the contractual obligation

25. is no consideration because the bargained-for-exchange element is missing

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