BUSFIN 3500 Final Exam Questions And Answers|
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Contract - CORRECT ANSWER -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 jurisdiction - CORRECT ANSWER -State
Elements of a Contract - CORRECT ANSWER -Agreement
Consideration
Legal Capacity
Legal Object
Agreement - CORRECT ANSWER -consists of an offer by one party to enter into a contract an
acceptance of the terms by the other party
Consideration - CORRECT ANSWER -the bargained-for exchange for his or her promise under
the contract
Contractual Capacity - CORRECT ANSWER -legal ability to enter into a binding agreement
Legal Object - CORRECT ANSWER -to be enforceable, contract cannot be illegal or against public
policy
Objective Theory of Contracts - CORRECT ANSWER -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 - CORRECT ANSWER -Case Law (Common Law)
Uniform Commercial Code (UCC)
Convention on Contracts for International Sales of Goods (CISG)
Requirements of Enforceable Contract - CORRECT ANSWER --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
Bilateral Contract - CORRECT ANSWER -if the offeror wants a promise from the offeree to form a
binding contract. Promise for promise
Unilateral Contract - CORRECT ANSWER -offeror wants the offeree to do something, most
common is a reward
Express Contract - CORRECT ANSWER -Are all clearly set forth in either written or spoken words
Implied Contract - CORRECT ANSWER -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 - CORRECT ANSWER -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 - CORRECT ANSWER -no formalities are required in making,
Plain-Meaning Rule - CORRECT ANSWER -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: - CORRECT ANSWER --Intent
-Definite and Certain Terms
-Communication to the Offeree
Termination of the Offer (5 ways) - CORRECT ANSWER --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
Revocation Exceptions - CORRECT ANSWER --Option Contract: in exchange for a piece of
consideration, the offeror will hold the offer open for a period of time (real estate)
-Detrimental Reliance: If the offeree had reasonably relied on the promise to hold the offer
open and took action in reliance on that
The Acceptance - CORRECT ANSWER -Requirements match the offer requirements
Silence as a form of Acceptance? - CORRECT ANSWER -Cannot be used UNLESS:
-previous behavior would indicate it acceptable
-Receiving benefits with a reasonable amount of time to deny such benefits
Already Graded A+| Latest Update 2026
Contract - CORRECT ANSWER -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 jurisdiction - CORRECT ANSWER -State
Elements of a Contract - CORRECT ANSWER -Agreement
Consideration
Legal Capacity
Legal Object
Agreement - CORRECT ANSWER -consists of an offer by one party to enter into a contract an
acceptance of the terms by the other party
Consideration - CORRECT ANSWER -the bargained-for exchange for his or her promise under
the contract
Contractual Capacity - CORRECT ANSWER -legal ability to enter into a binding agreement
Legal Object - CORRECT ANSWER -to be enforceable, contract cannot be illegal or against public
policy
Objective Theory of Contracts - CORRECT ANSWER -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 - CORRECT ANSWER -Case Law (Common Law)
Uniform Commercial Code (UCC)
Convention on Contracts for International Sales of Goods (CISG)
Requirements of Enforceable Contract - CORRECT ANSWER --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
Bilateral Contract - CORRECT ANSWER -if the offeror wants a promise from the offeree to form a
binding contract. Promise for promise
Unilateral Contract - CORRECT ANSWER -offeror wants the offeree to do something, most
common is a reward
Express Contract - CORRECT ANSWER -Are all clearly set forth in either written or spoken words
Implied Contract - CORRECT ANSWER -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 - CORRECT ANSWER -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 - CORRECT ANSWER -no formalities are required in making,
Plain-Meaning Rule - CORRECT ANSWER -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: - CORRECT ANSWER --Intent
-Definite and Certain Terms
-Communication to the Offeree
Termination of the Offer (5 ways) - CORRECT ANSWER --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
Revocation Exceptions - CORRECT ANSWER --Option Contract: in exchange for a piece of
consideration, the offeror will hold the offer open for a period of time (real estate)
-Detrimental Reliance: If the offeree had reasonably relied on the promise to hold the offer
open and took action in reliance on that
The Acceptance - CORRECT ANSWER -Requirements match the offer requirements
Silence as a form of Acceptance? - CORRECT ANSWER -Cannot be used UNLESS:
-previous behavior would indicate it acceptable
-Receiving benefits with a reasonable amount of time to deny such benefits
