Explaining Business Terms

1 What is a “Contract” -Explain

2 What is Bankruptcy-Explain-

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3 What is an offer-Explain

4 What does it mean-“Discharge of Contract by Lapse of Time” explain

5 What is a Counter-offer-Explain

6 Give an example/scenario of a “Counter-offer”

7.  What does it mean by-“Discharge of contract by Impossibility of Performance”

8 Give a brief example/scenario-of a -“Discharge of contract by Impossibility of Performance”

9 Name a person who is legally unable to enter a Contract.

10 Must all contracts be in writing -explain

11  Under contract law-what is “Attempted Performance”

12  Give a brief example/scenario-of an “Attempted Performance”.

13  Briefly explain-“What is the purpose of Bankruptcy”.  Explain

14  A Bankruptcy proceeding is held in – A) State Civil Court    B) Federal Court  C) None of the above

15  What is “Consideration”-briefly explain

16  If a person wants to file for BANKRUPTCY because their student loan is to much to pay they can  A) legally have that loan debt removed via Bankruptcy    B) cannot  legally have that loan debt removed via Bankruptcy    C) Can ask the judge to remove it if they really cannot pay it. 

17  Can a city, town or municipality file for Bankruptcy-Explain

18  Your opinion-based upon YOUR knowledge and the readings-“Are contracts Important”-Why or Why Not.  (YOUR OPINION)

19 List one way a person may be able to get out (avoid being bound) by a signed (they signed it) contract-Explain-

20 If a man wants to sell his 500,000 thousand dollar house to a woman he met for 400, 000, and they both verbally agree, that is  A.  a legally binding contract    B.  not a legally binding contract    C. is a legally binding contract if the woman really want to buy the house. 

21    What is “Breach of contract”:    Explain-

22 List- two elements of a contract

23  What does the term –“Pre-existing duty” Mean-Explain. 

24 Give an example/scenario of a “Pre-existing Duty”. 

25  What is a “Discharge by Anticipatory Breach”-explain

Essay In a minimum of (5) paragraphs or more.  Explain the various types  of Bankruptcy. For more information on Explaining Business Terms see this: https://www.britannica.com/topic/business-finance

Explaining Business Terms

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