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You signed a contract to buy your neighbors car, but you backed out and told them you couldn’t buy it because the bank is closed today. Even though you can’t get the money today, this will not normally discharge (end) the contract.  What is this known as?

  You were involved in a car accident with someone and were ordered to pay damages of $650 which was the cost to repair the car. What type of damages are these?

Which of the following is true about moral values?

 In this type of LLC, all the owners participate in the management and decision making of the company.

 Bailey has an agreement to mow your lawn. If Bailey decides to let James (a third party) mow the lawn from now own, and you agree, what is this agreement called?

Which of the following is NOT a basic moral principle?  

  This is a promise to do what one already has a legal duty to do and therefore lacks consideration. Ex: you cannot contract with a minor to not drink.

 What type of liability do the owners of a sole proprietorship have?

 You decided to open a clothing store in Auburn, AL and your store only operates in Alabama. What type of corporation are you?

 In a limited liability limited partnership (LLLP), who has limited liability?