Contracts, Agency & Corporations

Answer to questions:

1) Two major disciplines or areas of substantive law are encompassed by the law of contracts and the law of torts. What do they have in common in terms of legal processes relied upon, and how do they differ as to what they address? (Ch 9).

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2) While the common law governs the law of contracts generally, a specific statute addresses the sale and lease of goods. Explain and specify what statute, and what is meant by the term goods? (Ch 9).

3) Contracts that have an inherent issue that may be encountered by either or both parties are classified as either voidable, void or unenforceable. Explain what each term means as it relates to the law of contracts, and provide an example for teach term (Ch9).

4) While one of the requirements for a valid contract is that it need be entered into on a voluntary basis, both duress and undue influence may render a contract otherwise. Define both legal concepts and explain what is meant by the first line of this question (Ch 11).

5) The statute of frauds and the parol evidence rule both have a significant impact upon the viability of a contract. Explain and distinguish the two concepts with examples of their application. (Ch 15).

6) Remedies for which a party can sue in the event of a breach of contract may include damages, as well as an order by the court to have a party engage in specific conduct or refrain from such. Explain. (Ch 18).

7) With regard to the law of agency, the agent is said to have a fiduciary responsibility to the principal. What is the meaning of the term fiduciary and provide an example of such regarding the principal agent relationship (Ch 28).

8) The corporate form of bussines organization is defined by a number of essential attributes. What are the five (5) critical characteristics of a corporation (do not make reference to those regarding the application of the constitutional amendments) (Ch 33).

9) A corporation may obtain financing by reliance upon several distinct means. Name and describe any three (3) such ways in which a corporation may obtain funding. (Ch34).

10) A corporation during its existence may encounter a number of

various fundamental changes regarding its organization. Name any two (2) and explain what occurs regarding your selected process of change. (Ch 36).

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