BUSFIN 3500 Final Exam
1. 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
2. Contract Law falls under what jurisdiction: State
3. Elements of a Contract:
Agreement Consideration
Legal Capacity
Legal Object
4. Agreement: consists of an otter by one party to enter into a contract an acceptance of the terms by the other
party
5. Consideration: the bargained-for exchange for his or her promise under the contract
6. Contractual Capacity: legal ability to enter into a binding agreement
7. Legal Object: to be enforceable, contract cannot be illegal or against public policy
8. 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
9. Sources of Contract Law: Case Law (Common
,Law) Uniform Commercial Code (UCC)
Convention on Contracts for International Sales of Goods (CISG)
10. Requirements of Enforceable Contract: -Needs the 4 essential elements
-Legal assent; each party must have freely entered through proper means
-Proper form; some contracts that lack a writing are not enforceable
11. Bilateral Contract: if the offer or wants a promise from the offer to form a binding contract.
Promise for promise
12. Unilateral Contract: offer or wants the offer to do something, most common is a reward
13. Express Contract: Are all clearly set forth in either written or spoken words
14. 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
15. 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
16. Informal (Simple) Contract: no formalities are required in making,
17. 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
18. Elements of the Offer:: -Intent
-Definite and Certain Terms
-Communication to the Offeree
19. Termination of the Offer (5 ways): -Revocation by the offeror
-Rejection or counter offer by the offeree
-Death or incapacity of the offeror
-Destruction of subsequent illegality of the subject matter of the otter
-Lapse of time or failure of other conditions stated
20. Revocation Exceptions: -Option Contract: in exchange for a piece of consideration, the offeror
will hold the otter open for a period of time (real estate)
-Detrimental Reliance: If the offeree had reasonably relied on the promise to hold the otter open and took action in
1. 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
2. Contract Law falls under what jurisdiction: State
3. Elements of a Contract:
Agreement Consideration
Legal Capacity
Legal Object
4. Agreement: consists of an otter by one party to enter into a contract an acceptance of the terms by the other
party
5. Consideration: the bargained-for exchange for his or her promise under the contract
6. Contractual Capacity: legal ability to enter into a binding agreement
7. Legal Object: to be enforceable, contract cannot be illegal or against public policy
8. 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
9. Sources of Contract Law: Case Law (Common
,Law) Uniform Commercial Code (UCC)
Convention on Contracts for International Sales of Goods (CISG)
10. Requirements of Enforceable Contract: -Needs the 4 essential elements
-Legal assent; each party must have freely entered through proper means
-Proper form; some contracts that lack a writing are not enforceable
11. Bilateral Contract: if the offer or wants a promise from the offer to form a binding contract.
Promise for promise
12. Unilateral Contract: offer or wants the offer to do something, most common is a reward
13. Express Contract: Are all clearly set forth in either written or spoken words
14. 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
15. 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
16. Informal (Simple) Contract: no formalities are required in making,
17. 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
18. Elements of the Offer:: -Intent
-Definite and Certain Terms
-Communication to the Offeree
19. Termination of the Offer (5 ways): -Revocation by the offeror
-Rejection or counter offer by the offeree
-Death or incapacity of the offeror
-Destruction of subsequent illegality of the subject matter of the otter
-Lapse of time or failure of other conditions stated
20. Revocation Exceptions: -Option Contract: in exchange for a piece of consideration, the offeror
will hold the otter open for a period of time (real estate)
-Detrimental Reliance: If the offeree had reasonably relied on the promise to hold the otter open and took action in
