Contract Law Basics
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Questions and Answers

Why do most businesses prefer to use written contracts?

  • They are more difficult to enforce and less straightforward
  • They are easier to reference later and less ambiguous (correct)
  • They are legally enforceable without any consequences
  • They can be easily broken without any legal consequences

    • Which of the following best describes a contract?

  • An ambiguous agreement between parties that is difficult to reference later
  • A written agreement between parties that is not legally enforceable
  • A legally binding agreement between parties that outlines the terms of engagement for a transaction (correct)
  • A non-binding verbal agreement between parties that can be easily enforced

    • What is the role of contract law?

  • To create non-binding verbal agreements
  • To govern the formation and enforcement of contracts (correct)
  • To dictate the consequences of breaking a contract
  • To make written contracts legally unenforceable

    • What do contracts determine in the business world?

    <p>How employees are hired, how companies work together, and how sales are made</p> Signup and view all the answers

    What are the two types of contracts mentioned in the text?

    <p>Written and verbal contracts</p> Signup and view all the answers

    True or false: Contract law is not important in the business world.

    <p>False</p> Signup and view all the answers

    True or false: Contracts can only be written, not verbal.

    <p>False</p> Signup and view all the answers

    True or false: Written contracts are more enforceable than verbal contracts.

    <p>True</p> Signup and view all the answers

    True or false: Contract law governs the formation and enforcement of contracts.

    <p>True</p> Signup and view all the answers

    True or false: Contracts outline the specific terms of engagement for a transaction.

    <p>True</p> Signup and view all the answers

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