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Questions and Answers
For a mistake to be relevant, it must be:
For a mistake to be relevant, it must be:
Moral rules are:
Moral rules are:
Quasi contracts are intended to:
Quasi contracts are intended to:
For fraud to be relevant, it must:
For fraud to be relevant, it must:
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Unconscionability is:
Unconscionability is:
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Duress is:
Duress is:
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Capacity of the parties is a requirement of:
Capacity of the parties is a requirement of:
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When a contract is closed, the parties are:
When a contract is closed, the parties are:
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In case of a voidable contract, the contract is:
In case of a voidable contract, the contract is:
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A void contract is:
A void contract is:
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Contracts can be classified as follows:
Contracts can be classified as follows:
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An offer must:
An offer must:
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An agent is:
An agent is:
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Discharge means:
Discharge means:
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An invitation to offer is:
An invitation to offer is:
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Silence or inactivity cannot be deemed as:
Silence or inactivity cannot be deemed as:
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A waiver is:
A waiver is:
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A letter of intent (LOI) is:
A letter of intent (LOI) is:
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A letter of intent (LOI) outlines:
A letter of intent (LOI) outlines:
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Memoranda/Terms of Agreement:
Memoranda/Terms of Agreement:
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Preliminary agreements are:
Preliminary agreements are:
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A principal is:
A principal is:
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An agent is usually not:
An agent is usually not:
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An agent may be:
An agent may be:
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A power of attorney is:
A power of attorney is:
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Attorney means:
Attorney means:
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When a principal is partially disclosed to the third party, the third party:
When a principal is partially disclosed to the third party, the third party:
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Sole agency means that the principal is prevented from appointing new agents in:
Sole agency means that the principal is prevented from appointing new agents in:
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Agent/Distributor:
Agent/Distributor:
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Study Notes
Business Law - Key Concepts
- Mistake (to be relevant): A mistake must be mutual.
- Moral Rules: Legally non-binding rules.
- Quasi Contract: Intended to protect the weak party and avoid unjust enrichment.
- Fraud: To be relevant, fraud must cause an injury to the other party.
- Unconscionability: The effect of drug or mental illness may render a contract void.
- Duress: Includes physical violence or coercion that deprives a person of free will; threat of physical violence invalidating a contract.
- Undue Influence: Occurs when one party takes advantage of another due to a superior position, typically in labor contracts or similar situations.
- Capacity of the Parties: A requirement for a valid contract to be enforceable.
- Once a Contract is Closed: The parties are bound by the agreement and cannot alter it, except under specific clauses.
- Voidable Contract: A contract where one party has the option to withdraw, either enforcing the contract or withdrawing from it.
- Void Contract: Not binding on either party; unenforceable.
- Contracts Classification: Contracts can be categorized by several factors including: general/specific, negotiated/unilateral, direct/indirect, express/implied, bilateral/unilateral, executed/executory, valid/void/voidable, written/oral, formal/informal, registered/unregistered .
- Offer: Must be definite, clear intent, and communicated.
- Agent: A person authorized to act for another; may or may not be an independent contractor.
- Discharge: Termination or completion of a contract, including by waiver (relinquishing contractual rights), or failure to perform.
- Invitation to Offer: An invitation to make a proposal or start negotiations (not a firm offer).
- Silence/Inactivity: Generally not acceptance unless specifically stated in the offer or part of the agreement.
- Waiver: A voluntary relinquishment of a contractual right.
- Letter of Intent (LOI): Not a binding agreement but may contain binding provisions; outlines chief terms of a deal, for negotiation purposes.
- Memoranda/Term of Agreement: May include specific contracts, not legally binding, lays down the negotiation process.
- Preliminary Agreements: Not binding, parties agree to finalize the deal later, subject to details.
- Principal: The party for whom an agent acts.
- Attorney (lawyer/solicitor): A representative or lawyer.
- Power of Attorney: A written document enabling an agent to act on behalf of someone else (principal).
- Principal Partially Disclosed: The third party is aware of dealing with an agent, but does not know the principal's identity.
- Sole Agency: The principal can only deal through an agent for a particular area/territory.
- Agent/Distributor: Agents/distributors are paid generally after closing a deal.
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Description
Test your understanding of key concepts in Business Law, including mistakes, fraud, and duress. This quiz covers important definitions and implications for valid contracts, ensuring you grasp the foundational elements of legal agreements. Perfect for law students and aspiring professionals.
