Questions from Business Law


Q: Identify and explain the three essential characteristics of valid consideration.

Identify and explain the three essential characteristics of valid consideration.

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Q: Describe the kinds of valid consideration, including (a) a

Describe the kinds of valid consideration, including (a) a promise for a promise, (b) a promise of forbearance, and (c) a pledge or subscription.

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Q: Discuss the situations in which the UCC dispenses with the requirement of

Discuss the situations in which the UCC dispenses with the requirement of consideration in contracts to sell goods.

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Q: Discuss minors’ contracts and how the age of majority impacts the legality

Discuss minors’ contracts and how the age of majority impacts the legality of contracts.

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Q: Describe the operation of the law as it relates to liability for

Describe the operation of the law as it relates to liability for a minor’s torts and crimes.

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Q: Discuss legality of purpose in relation to public interest, and classify

Discuss legality of purpose in relation to public interest, and classify illegal agreements into three major categories.

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Q: Discuss four instances where restraints of trade are legally enforceable.

Discuss four instances where restraints of trade are legally enforceable.

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Q: Discuss the organization of governments and define the specific duties of the

Discuss the organization of governments and define the specific duties of the three branches of government.

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Q: Identify the six types of contracts that the Statute of Frauds requires

Identify the six types of contracts that the Statute of Frauds requires to be in writing.

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Q: Specify items of information that must be included in a written contract

Specify items of information that must be included in a written contract to satisfy the Statute of Frauds.

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