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5 Written questions

5 Matching questions

  1. Uniform Commercial Code
  2. Common Mistake
  3. Licensee
  4. Limits on Recovery
  5. Consideration
  1. a recognized as the most important statute in business law, it includes provisions which regulate certain sales of goods and negotiable instruments
  2. b both parties are mistaken about the main aspect of the contract (agree of selling of a car but in the meantime the car has been seriously vandalized)
  3. c Licensees are people who enter the land with permission, but without any purpose of conferring circumstantial benefits to landowner: usually a social guest or solicitor.

    Possessors owe licensees reasonable prudence. A duty is triggered when a condition is concealed, and when the condition is known to the defendant: possessor must protect licensees from all known traps on the land.
  4. d exchange of things of value
  5. e Damages must have been mitigated, be measureable with reasonable certainty, be foreseeable and be caused be the breach

5 Multiple choice questions

  1. when both sides prepare for trial, gather evidence, interview witnesses, hire private investigators, etc.
  2. a business owned by one or more shareholders and managed by a board of directors
  3. means that the terms stated in the acceptance must exactly mirror or match the terms of the offer
  4. Can't be too ambiguous

    1. The parties must be known
    2. subject matter must be known
    3. Time for performance stipulated
    4. price terms
  5. a representative who acts on behalf of other persons or organizations

5 True/False questions

  1. Actual Authoritya natural and unavoidable catastrophe that interrupts the expected course of events


  2. Inviteethe people directly concerned with or taking part in any legal matter


  3. Remediesthe people directly concerned with or taking part in any legal matter


  4. Adhesion Contractlets the parties contract on whatever terms they agree upon. Rules of contract formation are relaxed to be sure and confirm the parties intentions of contract


  5. MisrepresentationOccurs when one party to a contract is not given full or accurate information by the other party about the contract subject matter


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