Business Law: Applied Contract Principles

What you will practice

1. 1.A dispute arises between two businesses, and the parties want to resolve it directly without asking a neutral person to help. Which method best fits?
2. 2.A person promises to pay a reward to anyone who finds a lost item. The promise becomes relevant when someone finds and returns it. What kind of contract does this describe?
3. 3.If a response to an offer adds a new term, it is normally treated as acceptance of the original offer.
4. 4.A buyer agrees to pay a seller for goods. Which statement best identifies consideration in this exchange?
5. 5.A party enters a contract after relying on a false statement of fact made by the other party. Which concept most directly describes the problem?
6. 6.What is the key difference between a void contract and a voidable contract?
7. 7.A new event, not caused by either party, makes a contract illegal to perform. Which method of discharge may apply?
8. 8.In Somaliland's described hybrid legal system, customary law, legislation, and Sharia law are all listed as sources.
9. 9.During mediation, the mediator proposes discussion and helps the parties explore options. Who determines whether a settlement is accepted?
10. 10.Which statement best distinguishes arbitration from mediation?