A Contract Is Said to Be ________-That Is,the Legal Part

question 65

Multiple Choice

A contract is said to be ________-that is,the legal part can be separated from the illegal part-if the contract consists of several promises or acts by one party,each of which corresponds with an act or a promise by the other party.

• A)implied-in-fact
• B)voidable
• C)unenforceable
• D)divisible

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Definitions:

Policies

Documents or statements of principles and guidelines, crafted to regulate, direct, or guide decisions and actions in organizations or governance.

Unocal v. Mesa Petroleum

A landmark legal case that established important principles in the area of corporate takeover defense and directors' fiduciary duties.

Business Judgment Rule

A principle that protects corporate executives from liability for decisions made in good faith and believed to be in the best interest of the company.

Stakeholders

Individuals or groups that have an interest or stake in the performance and decisions of an organization, project, or outcome.