Exam 5: An Introduction to Contracts

Identify and briefly describe the objectives that owners and managers should keep in mind when dealing with a customer who is attempting to expand or restrict an existing contract.

Which of the following would lend undisputable support for the use of a contract as opposed to a casual understanding?

Alberta Carr,in his well-known article published in the Harvard Business Review,encouraged businesspeople to break the law to seek advantage in business negotiations.

Where a manufacturer has been discovered to have knowingly produced and sold a defective product to the public,which of the following would offer the most favourable remedy for salvaging that company's business reputation?

If one of the parties to a contract fails to perform his obligations under that agreement,which of the following will be the most likely result?

Explain how the operation of contract law makes it possible for the wheels of commerce to turn efficiently and effectively.

Identify and briefly explain the circumstances where a party might opt to deliberately breach a contract by refusing to honour its promises to the other side? Provide an example and a possible alternative to an outright breach of existing contractual obligations.

Where a court is asked to resolve a dispute involving parties that have reached an incomplete agreement,which of the following could you most reasonably expect a judge to determine as the outcome?

An incomplete agreement is not contractual because its content is not sufficiently comprehensive.

Most contractual business relationships are initiated through an offer and acceptance of that offer.Acceptance is typically followed by communications to fill in the details of the arrangement.

A Canadian court hearing a disputed matter involving parties to a contract will rely on past decisions to determine a remedy for the dispute.Why is the court's reliance on past decisions considered to be an effective manner for it to determine an appropriate legal remedy?

Down the legal road,one faces an ultimate settlement based on a correct answer ultimately derived from the court's interpretation of the contract.

Which of the following factors would have the greatest degree of influence regarding a retailer's decision concerning the commencement of a lawsuit against a supplier for breach of a business contract?

A court has been asked to determine a matter involving a contractual dispute between two large corporations.Which of the following sequences of procedures will the judge apply to arrive at the court's decision?

With respect to a contractual business relationship,which of the following would most likely have the greatest influence in orchestrating the occurrence of an economic breach?

Which of the following would a lawyer most likely say is the reason that contractual relationships are preferable over casual forms of business arrangements?

With respect to disparity in the bargaining power between the parties to a contract,which of the following would exemplify the circumstances that will most likely lead a court to set a contract aside?

In reaching his or her decision regarding a contractual dispute,a judge will always apply the objective standard test.

Luna Quan has been directed to attend a meeting tomorrow for the purpose of negotiating a new supply contract.It is vitally important that Luna pay particular attention during those negotiations to when simple business communications transform into legal obligations.

In order for a court to recognize a contract as a binding agreement between the contracting parties,there must be clear evidence of each party having given something of value in exchange for receiving something of value.