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MBA 515 - Review Questions 1

This document provides review questions for a final exam covering legal and ethical issues in business. The questions cover topics of contract law, including defining a contract and its essential elements, consideration, consent, and contracts for the sale of goods. Specifically, there are questions about defining consideration and its essentials, whether a promise to pay a friend's son is enforceable, what constitutes free consent, and whether a seller can cancel an agreement if the goods are destroyed.

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Biplob Shathi
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118 views1 page

MBA 515 - Review Questions 1

This document provides review questions for a final exam covering legal and ethical issues in business. The questions cover topics of contract law, including defining a contract and its essential elements, consideration, consent, and contracts for the sale of goods. Specifically, there are questions about defining consideration and its essentials, whether a promise to pay a friend's son is enforceable, what constitutes free consent, and whether a seller can cancel an agreement if the goods are destroyed.

Uploaded by

Biplob Shathi
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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MBA 515: Legal & Ethical Issues in Business

Review Questions for Final Exam (#1)

CONTRACT

1. Define Contract from the legal perspective and discuss its essential elements.

2. Define Consideration and discuss the essentials of a valid consideration.

3. A & B are friends. B nursed A while she was ill. Bu, B refused to accept any
monetary compensation describing the service as a friendly obligation. However,
A promised to pay taka 1000 to B’s son X.

As band luck would have it, A defaulted in paying the money because of poor
economic condition. This prompted X to sue against A in the court. What do you
think will the judgment of the court? In favor of X?

4. What is Free Consent? Discuss the various forces or misconducts which might
lead to flaw in consent?

CONTRACT OF SALE OF GOODS

1. A agreed to sell B 10 begs of superior quality wheat out of 100 begs she had in
her store. Unfortunately, the store was completely burnt out after the agreement,
which compelled A to cancel the agreement. Can B compel A to deliver the wheat
as agreed?

2. Define the Contract of Sale of Goods and discuss its essential characteristic.

3. Define and Distinguish between

• Sale & Agreement to Sale


• Sale & Hire Purchase.

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