BUSFIN 3500 Final Exam Questions And
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Terms in this set (156)
Contract promise or set of promises for the breach of
which the law gives a remedy or the performance
of which the law in some way recognizes a duty
Contract Law falls under what State
jurisdiction
Elements of a Contract Agreement
Consideration
Legal Capacity
Legal Object
,Agreement consists of an offer by one party to enter into a
contract an acceptance of the terms by the other
party
Consideration the bargained-for exchange for his or her
promise under the contract
Contractual Capacity legal ability to enter into a binding agreement
Legal Object to be enforceable, contract cannot be illegal or
against public policy
Objective Theory of Contracts In determining whether parties intended to enter
into a contract, courts look at their objective
words and behavior, no secret intentions
Sources of Contract Law Case Law (Common Law)
Uniform Commercial Code (UCC)
Convention on Contracts for International Sales
of Goods (CISG)
Requirements of Enforceable -Needs the 4 essential elements
Contract -Legal assent; each party must have freely
entered through proper means
-Proper form; some contracts that lack a writing
are not enforceable
Bilateral Contract if the offeror wants a promise from the offeree to
form a binding contract. Promise for promise
Unilateral Contract offeror wants the offeree to do something, most
common is a reward
Express Contract Are all clearly set forth in either written or
spoken words
, Implied Contract Arise from the conduct of the parties. Needs 3
conditions:
-Plaintiff provided some property or service to
the defendant
-Plaintiff expected to be paid for such property
or service
-Defendant had an opportunity to reject the
property or service but did not
Formal Contracts have a special form or must be created in a
specific manner. 4 types:
-Contracts under seal
-Recognizances
-Letters of Credit
-Negotiable Instruments
Informal (Simple) Contract no formalities are required in making,
Plain-Meaning Rule States that if a writing, or a term in question
appears to be plain and unambiguous on its face,
we determine its meaning from exactly what is
stated
Elements of the Offer: -Intent
-Definite and Certain Terms
-Communication to the Offeree
Termination of the Offer (5 ways) -Revocation by the offeror
-Rejection or counteroffer by the offeree
-Death or incapacity of the offeror
-Destruction of subsequent illegality of the
subject matter of the offer
-Lapse of time or failure of other conditions
stated
Answers| Already Graded A+| Latest Update.
Save
Practice questions for this set
Learn
Studied 7 terms
Nice work, you're crushing it
Continue studying in Learn
Terms in this set (156)
Contract promise or set of promises for the breach of
which the law gives a remedy or the performance
of which the law in some way recognizes a duty
Contract Law falls under what State
jurisdiction
Elements of a Contract Agreement
Consideration
Legal Capacity
Legal Object
,Agreement consists of an offer by one party to enter into a
contract an acceptance of the terms by the other
party
Consideration the bargained-for exchange for his or her
promise under the contract
Contractual Capacity legal ability to enter into a binding agreement
Legal Object to be enforceable, contract cannot be illegal or
against public policy
Objective Theory of Contracts In determining whether parties intended to enter
into a contract, courts look at their objective
words and behavior, no secret intentions
Sources of Contract Law Case Law (Common Law)
Uniform Commercial Code (UCC)
Convention on Contracts for International Sales
of Goods (CISG)
Requirements of Enforceable -Needs the 4 essential elements
Contract -Legal assent; each party must have freely
entered through proper means
-Proper form; some contracts that lack a writing
are not enforceable
Bilateral Contract if the offeror wants a promise from the offeree to
form a binding contract. Promise for promise
Unilateral Contract offeror wants the offeree to do something, most
common is a reward
Express Contract Are all clearly set forth in either written or
spoken words
, Implied Contract Arise from the conduct of the parties. Needs 3
conditions:
-Plaintiff provided some property or service to
the defendant
-Plaintiff expected to be paid for such property
or service
-Defendant had an opportunity to reject the
property or service but did not
Formal Contracts have a special form or must be created in a
specific manner. 4 types:
-Contracts under seal
-Recognizances
-Letters of Credit
-Negotiable Instruments
Informal (Simple) Contract no formalities are required in making,
Plain-Meaning Rule States that if a writing, or a term in question
appears to be plain and unambiguous on its face,
we determine its meaning from exactly what is
stated
Elements of the Offer: -Intent
-Definite and Certain Terms
-Communication to the Offeree
Termination of the Offer (5 ways) -Revocation by the offeror
-Rejection or counteroffer by the offeree
-Death or incapacity of the offeror
-Destruction of subsequent illegality of the
subject matter of the offer
-Lapse of time or failure of other conditions
stated
