The Concept of Objective Intent with Respect to Contract Law

question 56

Multiple Choice

The concept of objective intent with respect to contract law means which of the following?

• A) When forming a contract,each party must expressly state an intent to be obligated under the terms of an agreement.
• B) The parties must each intend to be bound by the terms of an agreement based on each party's true intent,whether or not that intent is known by the other party.
• C) The parties' intent to be bound by the terms of a contract is based on whether an outsider observing the parties' words and conduct would reasonably conclude that the parties have the needed intent.
• D) So long as one party intends to be bound by the terms of an agreement,the objective intent requirement will be met.

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Definitions:

Alternative Evaluation

Involves the process of assessing different options or solutions in decision-making contexts to determine their viability, based on criteria such as cost, benefits, and potential risks.

Marketing Research

The process of gathering, analyzing, and interpreting information about a market, including potential customers and competitors, to inform business decisions.

Small Businesses

Companies with a limited number of employees and revenue, playing a significant role in the economy.

Black Box Influence

The impact of systems or processes whose internal workings are not visible or easily understood by outside observers.