Contacts

Question 1

What is the purpose of law in businesses

Answer 1

To ensure that there is free competition between businesses

To maintain a good level of safety unsecured ethical conditions

To protect consumers

Question 2

What are trademarks

Answer 2

Treating marks are words, letters or symbols that are associated with a particular company or product.

Question 3

What are the characteristics of a legal contract

Answer 3

Agreement
Capacity
Good faith
Consideration 
 Legality

Question 4

Agreement

Answer 4

All parties to a contract must be of mutual agreement

Question 5

Capacity

Answer 5

The parties must be confidence, that is, that day must both be of sound mind, legal age and not under the influence of drugs or alcohol

Question 6

Good faith

Answer 6

All parties must engage in the agreement freely and honestly and with a genuine intention of the contract being carried out

Question 7

Consideration

Answer 7

Each party of the agreement must agree to give up something in exchange for a benefit

Question 8

Legality

Answer 8

A contract must have a legal purpose. If a contract involves any illegal act it is illegal Android

Question 9

Simple contracts

Answer 9

A simple contract is a simple agreement between two parties, it needs no special form, it may be by word or mouth or in writing or maybe implied by conduct

Question 10

Specialty contract

Answer 10

Also known as Deeds or contract under seal they tend to be a more formal type of contract often written on a special form, and they have three requirements

Signed by both parties
The contract is attached with some sort of seal
The contract is placed by the person to whom it is delivered all parties must have a copy

Question 11

Means of terminating a contract

Answer 11

By fulfillment of the contract
By a breach in the contract
 By mutual agreement
Inability to complete the contract
By lapse of time
By murger, a new contract replaces the old one
By Death

Question 12

Common mistake

Answer 12

The parties of a contract agree on the subject of the contract but both parties are equally mistaken about some aspect

Question 13

Mutual mistake

Answer 13

Both parties are mistaken about the same material fact hence making the contract void

Question 14

Unilateral mistake

Answer 14

This is where one party is mistaken but the other party is not mistaken. An example of this is fraud