Cara Anderson BUS225: Legal Environment of Business March 27, 2017 Unit 2 Review Chapter 8 1. What is the definition of business ethics? Answer: 2. What is meant by the term social responsibility? Answer: 3. Identify two purposes that a code of ethics might serve in a business. Answer: Chapter 10 4. How is a contract generally defined? Answer: 5. What are the different classifications of contracts? (List and explain). Answer: 6. What are necessary elements of a legal contract? (List and explain). Answer: Chapter 11 7. How is a contract properly discharged? Answer: 8. Explain the term breach of contract. Answer: 9. What are two possible remedies for a breach of contract? Answer: Chapter 12 10. What is tort law? Why it is important for a business manager to have a basic understanding of tort law?