Exam 4: Business Contracts

The best way to ensure legal protection for a hotelier and to indicate acceptance of an offer is?

The two most common types of dispute resolution alternatives are

It is the responsibility of the courts to decide the relative fairness of consideration.

All contracts, whether verbal or written, must be for a legal purpose and in order to be enforceable, must consist of an offer, acceptance and consideration.

Acceptance of an offer must mirror exactly the terms of the offer in order for the acceptance to make the contract valid.

A valid contract needs consideration flowing to both parties.

An enforceable contract contains an offer, an acceptance and _______.

The UCC is the acronym for the law regulating purchasing agreements, which gives protection to buyers, sellers and financial lenders when goods are purchased under contract.

The Uniform Commercial Code requires you to?

When drafting a hospitality contract, you should do all of the following except ______.

The Latin phrase "Caveat Emptor" in the hospitality industry refers to?

When drafting international contracts, it is wise to provide for a dispute resolution format with a provision that has senior executives trying to resolve disputes first.

"Consideration" in the hospitality industry is often?

In a lawsuit, the person or entity against which litigation is initiated is known as the ______.

In all cases, it is unlawful to breach a contract.

A contract has to be in writing to be enforceable by the courts.

The Foreign Corrupt Practices Act is a law that applies to U.S. companies when doing international transactions with non-U.S. business partners.

In a lawsuit, the person or entity that initiates litigation against another is known as the _____.

The UCC is the acronym for the laws regulating purchase and sale agreements for land, which gives protections only to buyers.