MGMT 311 EXAM 3 NEWEST ACTUAL

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MGMT 311 EXAM 3 NEWEST ACTUAL

EXAM COMPLETE 100 QUESTIONS AND

CORRECT DETAILED ANSWERS (VERIFIED

ANSWERS) |ALREADY GRADED A+||BRAND

NEW!!Question 1: The common law governs all contracts EXCEPT:

CORRECT ANSWER : When it has been modified or replaced

by a statutory law

Question 2: What is the function of contract law?

CORRECT ANSWER : To assure that the promises parties make

in a private agreement will be enforceable

Question 3: What is the definition of a contract?

CORRECT ANSWER : A promise or set of promises for the

breach of which the law gives a remedy, or the performance of which the law is some way recognizes as a duty.

Question 4: What are the two parties involved in a contract?

CORRECT ANSWER : The offeror and offeree

Question 5: What is a offeror?

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CORRECT ANSWER : The party making the offer to form a

contract

Question 6: What is the offeree?

CORRECT ANSWER : The party to whom the offer is made.

Question 7: If the offeree can accept an offer simply by

promising to perform, the contract is a:

CORRECT ANSWER : Bilateral Contract

Question 8: If the offer is phrased so that the offeree can accept

only be actual performance (not by a promise to perform) the

contract is a:

CORRECT ANSWER : Unilateral Contract

Question 9: What is a Express Contract?

CORRECT ANSWER : When the terms of the agreement

(whether oral or written) are explicitly stated.

Question 10: What is a Implied Contract?

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CORRECT ANSWER : When the parties conduct create and

define the terms of the contract.

Question 11: Implied contracts are typically formed when:

CORRECT ANSWER : 1. The plaintiff furnished some goods or

services 2. The plaintiff expected to be paid and the defendant knew or should have know that the payment was expected 3.Defendant had a chance to reject the goods or services and did not

Question 12: What are Quasi Contracts?

CORRECT ANSWER : Fictional contracts that the courts

impose on the parties "as if" the parties had entered into an actual contract

Question 13: Why are Quasi contracts imposed by the courts?

CORRECT ANSWER : To avoid the unjust enrichment of one

party at the expense of another.

Question 14: What is a Executed Contract?

CORRECT ANSWER : A contract that has been fully performed

by both or all of the parties

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Question 15: What is a Executory Contract?

CORRECT ANSWER: A contract that has not been fully

performed by one or more parties.

Question 16: What are the four categories of enforceability?

CORRECT ANSWER : 1. Valid 2. Voidable 3. Unenforceable 4.

Void

Question 17: What is a Valid Contract?

CORRECT ANSWER : A contract with an agreement,

consideration, contractual capacity, form, and legality.

Question 18: What is a Voidable Contract?

CORRECT ANSWER : A Valid Contract that can be (but does

not have to be) legally avoided, canceled, or annulled by one of the parties.

Question 19: What is a Unenforceable Contract?

CORRECT ANSWER : An otherwise valid contract that may be

rendered unenforceable by statute or other law.