Bus 681 Law And Business Contract

BUS 681 - Law and BusinessBobby L. Hazelton, Esq.Second AssignmentTrue/False Questions1) A contract may be both valid and unenforceable. Ans. true2) A court of law never implies terms that the parties have imperfectly covered.Ans. false3) Anyone who knows of an offer may accept it. Ans. true4) Fraudulently inducing a person to enter into a contract is prohibited by the Statute of Frauds. Ans. falseShort AnswerExplain the difference between a void contract and unenforceable contract.Ans. The most important difference between a void contract and unenforceable contract is that the unenforceable contract may be converted into a fully binding contract by the act of one of the parties, while a void contract may not.What are the essential terms of a valid offer?Ans.a. Intent— objectively determined.b. Definiteness— Sufficiently clear so that what was promised can be determined.c. Communication— Terms that are not adequately communicated (such as those in fine print) are not part of the offer. How can an offer be terminated?Ans.An Offer can be terminated because of the following reasons;RevocationLapse of timeDeath or insanity of either party Failure of conditionCounter offerDestruction of the subject matterRejectionIntervening illegality.What is meant by the “sufficiency” of