BUL 4421 FINAL EXAM WITH VERIFIED SOLUTIONS 100% CORRECT 2025-2026!!, Exams of Business and Labour Law

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BUL 4421 FINAL EXAM WITH VERIFIED SOLUTIONS 100% CORRECT 2025-2026!! Contract A promise or set of legally enforceable promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty. Agreement: consists of an offer by one party, called the offeror, to enter into a contract and an acceptance of the terms of the offer by the party called the offeree Consideration the bargained- for exchange or what each party gets in exchange for his or her promise under the contract. Can take on the form of; goods, money, services, or legal detriment Contractual capacity the legal ability to enter into a binding agreement. Another element of an enforceable contract -Most adults over the age of majority have capacity; those under the age of majority, people suffering from mental illness, and sufficiently intoxicated persons do not. -Minimum cognitive activity is required in order for a natural person to understand and appreciate the nature and consequences of their contractual obligations and benefits Objective theory of contracts we base the existence of a contract on the parties’ outward manifestations of intent, and we base its interpretation on how reasonable person would interpret it + The subjective intent of parties is not usually relevant; what matters is how they