An offer can be accepted by the offeree or any third party.

The U.S. Constitution is the basis of all law in the United States.

The most common way to terminate contractual duties is by repudiation.

The remedy available when a court imposes a quasi contract is the recovery of the reasonable value of a benefit conferred or detriment suffered.

When there is no formal, written partnership agreement, an agreement to form a partnership is unenforceable.

A liquidated damages provision specifies an amount to be paid in the event of a future default or breach of contract to make the innocent party whole.

A description of goods, such as a product-identification label on the outside of a box that contains the product, is not an express warranty.

When the owner of a sole proprietorship dies, the business does not dissolve—it is automatically transferred to family members or other heirs.

Because a warranty imposes a duty on the seller, a breach of warranty is a breach of the seller’s promise.

Intellectual property is property resulting from intellectual, creative processes.