Reference no: EM131158360

1. There is a common theme that runs through the law that says that actions are viewed according to what a typical person would do in that situation. This is called the ________ person standard.

2. If all four elements of a contract are present, that is a valid contract. If one or both parties to a contract have limited capacity, that contract would be called a ______ contract.

3. A __________ is a form of business ownership where there are two or more owners, and the owners have unlimited personal liability.

4. You've entered into a valid, enforceable contract. You make a good faith effort to fulfill the promise you made in that contract, but only can deliver 98% of what you've promised. This is not perfect performance, but rather _______________.