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LREB 315 Exam 3 – Standard University School of Business – 2026/2027 Academic Year – Q&A

BUSI100 Business — exam and revision material · Other

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Business exam material, 5 pages. Originally published on StudyMerit.

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5
Academic year
2025/2026
Language
English

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LREB 315 Exam 3 Leave the first rating Students also studied Save Add to calendar Flashcard sets Study guides Contract Law: Key Concepts, Damag ... 56 terms bdkaiser3 Preview Contracts 82 terms bentley_mrg Preview FMLA, ADA, and Employment Law: ... 23 terms Haskins89 Preview De 7 t objective theory of contracts court's attempt to interpret the party's intent as expressed in the contract (not what the parties say they intended) What does it mean for the parties to a contract to have a meeting of the minds? meeting of the minds requires the two parties entering into a contract to discuss their responsibilities and then agree to those basic duties What is the plain meaning rule? Court will apply the ordinary meaning of the word What is an exculpatory clause? What is a limitation of liability clause? Are they typically enforceable? Exculpatory clause: releases a party from liability in the event of monetary or physical injury no matter who is at fault Limitation of liability clause: a provision in a contract that limits the amount of exposure a company faces in the event a lawsuit is filed or another claim is made. Enforceable depending on curcumstances What is a liquidated damages clause? How is it different from a penalty clause? A liquidated damages clause specifies a predetermined amount of money that must be paid as damages for failure to perform under a contract. A penalty clause differs from a liquidated damages clause by not being tied to an estimate of possible actual damages. Terms in this set (52) Hide definitions

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What is an adhesion contract? Are adhesion contracts typically enforceable? A contract drafted by one party (usually a business with stronger bargaining power) and signed by another party (usually one with weaker bargaining power, usually a consumer in need of goods or services). Generally enforceable. What is a condition precedent? A condition in a contract that must be met before a party's promise becomes absolute. (ie a student's lease on university housing may be conditioned on the person's being a student at the university) Is specific performance a possible remedy for a seller's breach of a real estate contract? Yes Does a real estate contract need to be in writing to be enforceable? Yes, but state laws may differ. What is extrinsic evidence? Evidence that relates to a contract, but is not contained within the document itself What are the requirements of a valid contract? Offer, acceptance, consideration, [capacity, legality] What are the requirements of an offer? Is a seller's advertisement an offer to sell at the listed price? 1. serious intent to contract by the offeror 2. the terms of the offer must be reasonably certain, or definite 3. the offer must be communicated to the offeree No What is the parol evidence rule? When any contract has been reduced to writing and shows that the parties intended the written document to be the "final word" as to the terms the parties agreed on, neither party can introduce "parol" (outside) evidence in court for the purpose of adding to or changing the terms of that contract. Are e ‐ contracts and e ‐ signatures generally valid and enforceable?What serves as a valid e ‐ signature? When is an e ‐ mailed offer, acceptance, revocation, etc. deemed "sent" and "received" under the UETA? Some documents require paper documents. Generally e-contracts are enforceable. Valid e-signatures can be clicking "I accept", typing name into box, or uploading photo of signature. Both parties must agree for the contract to begin. What is the mirror image rule? the acceptance to an offer must "mirror" or be identical to the terms of the offer made or the acceptance will be deemed to be a rejection and counteroffer. . When is a revocation effective? a revocation becomes effective when when the offeree or offeree's agent receives the revocation When is an acceptance effective? acceptance takes effect, thus completing formation of the contract, at the time the offeree sends or delivers the communication

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