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Why do most businesses prefer to use written contracts?
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?
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?
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?
What do contracts determine in the business world?
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What are the two types of contracts mentioned in the text?
What are the two types of contracts mentioned in the text?
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True or false: Contract law is not important in the business world.
True or false: Contract law is not important in the business world.
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True or false: Contracts can only be written, not verbal.
True or false: Contracts can only be written, not verbal.
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True or false: Written contracts are more enforceable than verbal contracts.
True or false: Written contracts are more enforceable than verbal contracts.
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True or false: Contract law governs the formation and enforcement of contracts.
True or false: Contract law governs the formation and enforcement of contracts.
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True or false: Contracts outline the specific terms of engagement for a transaction.
True or false: Contracts outline the specific terms of engagement for a transaction.
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