Business Law |170 Questions| With Correct Answers.

general release {Ans: a written agreement in which an aggrieved party can discharge in whole or in part a claim resulting from an alleged breach of contract}generally liable {Ans: emancipated minors are ___ for necessaries purchased for themselves or supplied to a spouse, just as if they were adults}Uncertainty (UCC) {Ans: ___with respect to specific terms does not necessarily invalidate a contract Ex: when an offer of sale does not specify a price it is assumed that the parties intended "a reasonable price at the time set for delivery"}abandonment {Ans: in contract law, the condition that exists when a minor has left home and given up all rights to parental support}consideration in a contract may be more than just the promises exchanged by the parties {Ans: it may include the actual benefit gained and the detriment suffered by them}but not all agreements are contracts {Ans: all contacts are agreements}