3 Questions
Scenario 1: A company in New York wants to sue a company in California over a breach of contract. What legal concepts would determine whether the New York court has the authority to hear this case?
The legal concepts that would determine whether the New York court has the authority to hear this case involve subject matter jurisdiction and personal jurisdiction. Subject matter jurisdiction determines whether the court has the authority to hear cases of this type, while personal jurisdiction determines whether the court has authority over the parties involved in the case.
Scenario 2: Tom offers to sell his car to Jerry for $5,000, and Jerry accepts the offer. What elements are necessary for this agreement to be considered a valid contract?
For this agreement to be considered a valid contract, the necessary elements are mutual assent (offer and acceptance), consideration (something of value exchanged), and contractual capacity (the legal ability to enter into a contract).
Scenario 3: Sarah promises to pay Alex $500 to vandalize a competitor's store. Alex agrees, but Sarah later refuses to pay. What legal principles would apply to this situation and what remedies might Alex seek?
In this situation, the legal principles that would apply involve illegal bargains and invalidating assent. As the agreement is based on an illegal act, it is void and unenforceable. Alex might seek remedies such as restitution or damages for any losses incurred.
Test your knowledge of business law with this final exam, featuring 11 free response questions covering subject matter jurisdiction, personal jurisdiction, introduction to contracts, mutual assent, consideration, invalidating assent, illegal bargains, contractual capacity, and more. Apply your understanding of legal rules to various scenarios and demonstrate your grasp of essential business law concepts.
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