BLS 342 Final Exam review UPDATED
ACTUAL QUESTIONS AND CORRECT
ANSWERS
4 elements of a contract - CORRECT ANSWER agreement, consideration, capacity,
legality
2 elements of agreement - CORRECT ANSWER offer and acceptance
Three elements of an offer - CORRECT ANSWER 1. Intent to be bound
2. Definitive and certain terms
3. Communication to the offeree
How can an offer be terminated? - CORRECT ANSWER Revocation, Rejection, Lapse
of Time, Operation of Law, counter-offer, destruction of subject matter
Terms of acceptance - CORRECT ANSWER intent to be bound, communication to the
offeror, terms must be mirrored
Mirror Image Rule - CORRECT ANSWER requires that the terms in the acceptance
must exactly match the terms contained in the offer
Mailbox Rule - CORRECT ANSWER acceptance of an offer becomes effective when
placed in mailbox
Revocation of acceptance becomes effective when received
2 exceptions to requirement of consideration - CORRECT ANSWER promissory
estoppel
Contract under seal
, Promissory Estoppel - CORRECT ANSWER the legal enforcement of an otherwise
unenforceable contract due to a party's detrimental reliance on the contract
A. Do courts consider the adequacy of consideration? - CORRECT ANSWER no
Preexisting Duty - CORRECT ANSWER Can't be bound to a contract to do something
they already have to do (police duty to serve)
Contractual Capacity - CORRECT ANSWER the legal ability to enter into a
contractual relationship
Must understand and be able to fulfill the requirements of the contract
Capacity issues for void contract - CORRECT ANSWER when the Court must get
involved, i.e. Adjudicated to be insane or intoxicated or have a legal guardian
Capacity issues for voidable contract - CORRECT ANSWER Under the age of
majority, mentally incapacitated, drunk
Examples of an illegal object - CORRECT ANSWER 1. Against public policy
2. Violation of a statute
3. Usury laws (interst on a loan), gambling laws
Five causes of a lack of genuine assent - CORRECT ANSWER Undue influence
Duress
Unilateral mistake
Bilateral mistake
Misrepresentation
ACTUAL QUESTIONS AND CORRECT
ANSWERS
4 elements of a contract - CORRECT ANSWER agreement, consideration, capacity,
legality
2 elements of agreement - CORRECT ANSWER offer and acceptance
Three elements of an offer - CORRECT ANSWER 1. Intent to be bound
2. Definitive and certain terms
3. Communication to the offeree
How can an offer be terminated? - CORRECT ANSWER Revocation, Rejection, Lapse
of Time, Operation of Law, counter-offer, destruction of subject matter
Terms of acceptance - CORRECT ANSWER intent to be bound, communication to the
offeror, terms must be mirrored
Mirror Image Rule - CORRECT ANSWER requires that the terms in the acceptance
must exactly match the terms contained in the offer
Mailbox Rule - CORRECT ANSWER acceptance of an offer becomes effective when
placed in mailbox
Revocation of acceptance becomes effective when received
2 exceptions to requirement of consideration - CORRECT ANSWER promissory
estoppel
Contract under seal
, Promissory Estoppel - CORRECT ANSWER the legal enforcement of an otherwise
unenforceable contract due to a party's detrimental reliance on the contract
A. Do courts consider the adequacy of consideration? - CORRECT ANSWER no
Preexisting Duty - CORRECT ANSWER Can't be bound to a contract to do something
they already have to do (police duty to serve)
Contractual Capacity - CORRECT ANSWER the legal ability to enter into a
contractual relationship
Must understand and be able to fulfill the requirements of the contract
Capacity issues for void contract - CORRECT ANSWER when the Court must get
involved, i.e. Adjudicated to be insane or intoxicated or have a legal guardian
Capacity issues for voidable contract - CORRECT ANSWER Under the age of
majority, mentally incapacitated, drunk
Examples of an illegal object - CORRECT ANSWER 1. Against public policy
2. Violation of a statute
3. Usury laws (interst on a loan), gambling laws
Five causes of a lack of genuine assent - CORRECT ANSWER Undue influence
Duress
Unilateral mistake
Bilateral mistake
Misrepresentation
