BUL 4421 FINAL - FAU GENDLER
EXAM WITH COMPLETE SOLUTIONS
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CHAPTER 13: Introduction to Contracts -ANSCHAPTER 13: Introduction to Contracts
Four Elements of a Contract: CLAC -ANS1. Contractual Capacity
2. Legal Object
3. Agreement (offer, acceptance)
4. Consideration
Contract -ANS-A promise or set of legally enforceable promises for the breach of which
the law gives a remedy or the performance of which the law in some way recognizes a
duty.
Agreement -ANS(Offer & Acceptance)
Offer by Oferror to enter into a contract and acceptance of terms by offeree.
Consideration -ANSi. The bargained-for exchange or what each party gets in exchange
for his or her promise under the contract
(The something for something)
Contractual capacity -ANSi. The legal ability to enter into a binding agreement
Legal Object -ANSsubject matter of the contract. Cannot be illegal or against public
policy in order to be enforceable
Objective Theory of Contracts is the -ANSbasis of contract law
Objective Theory of Contracts bases existence on -ANSOutward manifestations of
intent
Objective Theory of Contracts bases interpretation on -ANShow a reasonable person
would interpret it.
,________ of parties is not usually relevant under objective theory of contracts -
ANSsubjective intent
t or f: subjective intent may be relevant under certain circumstances -ANStrue
subjective intent may be relevant if -ANSa mutual misunderstanding b/t parties exists
and they did not come to a true meetings of minds; no contract exists
if there appears a a mutual misunderstanding -ANSlook at each party separately,
interpret situation to determine whether parties really reached an agreement
in order to determine whether partied intended to enter into a contract, courts look at -
ANStheir objective words and behavior and do not try to figure out what they may have
secretly intending
classification of contract determines -ANSwhen offeree is legally bound to perform
Bilateral Contract = -ANSA promise + a promise.
-I'll pay you $1000 for you to paint my car.
-(My promise = $1000)
-(Your promise = Paint my car)
-Mutual exchange
Under bilateral contract, contract formed -ANSas soon as promise exchanged
Unilateral Contract -ANS-a promise + a requested action
-Offerror wants something *done, not a promise* for something to be done.
-ex; find dog and ill pay reward
under unilateral contract, contract formed -ANSonce offerree begins performance;
offeror must give reasonable amt of time to finish before voiding contract
Express Contract -ANSThe terms of the contract are all clearly set forth in either written
or spoken words.
ex; written agreement by dentist to perform work
Implied Contract -ANSTerms arise from conduct of the parties.
ex; dentist pulling tooth implies you will pay
3 conditions required for implied contracts (and recovery) -ANS1- benefits conferred by
plaintiff upon defendant
2- defendant has knowledge of benefit being bestowed on them, and
3- defendant retains benefit under circs which it would be unjust to do so without
payment
Void Contract -ANS-Not a contract at all; unenforceable
, -Either illegal or has some serious defect.
Voidable Contract -ANS-One or both of the parties has the ability to either withdraw
from the contract or enforce it.
if choosing to terminate a voidable contract, both parties must -ANSreturn anything
already exchanged under the agreement; restore to conditions before contract
contracts can be voided if -ANS-entered into by a minor, fraud, or under duress
-court attempting to protect person believed to have been taken advantage of
Lack of Genuine Assent (Defense) -ANS-All contract elements are there but one party
was forced into contract through duress, fraud, misrepresentation.
-Acts as defense
Contract Lacks Proper Form (Defense) -ANSWriting must meet a certain criteria must
exist for a contract to be legally binding.
II. CHAPTER 14: Agreement -ANSII. CHAPTER 14: Agreement
Elements of Offer (4): -ANS1. Intent to be bound by acceptance
2. Definite and certain terms
3. Communication to the offeree
4. Acceptance
Material Terms include (5):
(Considered Definite and Certain if all are there). -ANS1. Subject matter
2. Quality
3. Price
4. Quantity
5. Named parties
Termination of the offer can happen in 5 ways -ANS-revocation
-rejection or counteroffer
-death of incapacity of the offeror
-destruction or subsequent illegality of subject matter
-lapse of time or failure of another condition specified in the offer
Revocation -ANSi. The offeror can cancel the offer at any time, regardless of how long it
was said to be open
ii. Becomes effective when the offeree receives it, and should deliver personally if
important to be known
Exceptions to revocation -ANSoption contract and detrimental reliance
EXAM WITH COMPLETE SOLUTIONS
Save
CHAPTER 13: Introduction to Contracts -ANSCHAPTER 13: Introduction to Contracts
Four Elements of a Contract: CLAC -ANS1. Contractual Capacity
2. Legal Object
3. Agreement (offer, acceptance)
4. Consideration
Contract -ANS-A promise or set of legally enforceable promises for the breach of which
the law gives a remedy or the performance of which the law in some way recognizes a
duty.
Agreement -ANS(Offer & Acceptance)
Offer by Oferror to enter into a contract and acceptance of terms by offeree.
Consideration -ANSi. The bargained-for exchange or what each party gets in exchange
for his or her promise under the contract
(The something for something)
Contractual capacity -ANSi. The legal ability to enter into a binding agreement
Legal Object -ANSsubject matter of the contract. Cannot be illegal or against public
policy in order to be enforceable
Objective Theory of Contracts is the -ANSbasis of contract law
Objective Theory of Contracts bases existence on -ANSOutward manifestations of
intent
Objective Theory of Contracts bases interpretation on -ANShow a reasonable person
would interpret it.
,________ of parties is not usually relevant under objective theory of contracts -
ANSsubjective intent
t or f: subjective intent may be relevant under certain circumstances -ANStrue
subjective intent may be relevant if -ANSa mutual misunderstanding b/t parties exists
and they did not come to a true meetings of minds; no contract exists
if there appears a a mutual misunderstanding -ANSlook at each party separately,
interpret situation to determine whether parties really reached an agreement
in order to determine whether partied intended to enter into a contract, courts look at -
ANStheir objective words and behavior and do not try to figure out what they may have
secretly intending
classification of contract determines -ANSwhen offeree is legally bound to perform
Bilateral Contract = -ANSA promise + a promise.
-I'll pay you $1000 for you to paint my car.
-(My promise = $1000)
-(Your promise = Paint my car)
-Mutual exchange
Under bilateral contract, contract formed -ANSas soon as promise exchanged
Unilateral Contract -ANS-a promise + a requested action
-Offerror wants something *done, not a promise* for something to be done.
-ex; find dog and ill pay reward
under unilateral contract, contract formed -ANSonce offerree begins performance;
offeror must give reasonable amt of time to finish before voiding contract
Express Contract -ANSThe terms of the contract are all clearly set forth in either written
or spoken words.
ex; written agreement by dentist to perform work
Implied Contract -ANSTerms arise from conduct of the parties.
ex; dentist pulling tooth implies you will pay
3 conditions required for implied contracts (and recovery) -ANS1- benefits conferred by
plaintiff upon defendant
2- defendant has knowledge of benefit being bestowed on them, and
3- defendant retains benefit under circs which it would be unjust to do so without
payment
Void Contract -ANS-Not a contract at all; unenforceable
, -Either illegal or has some serious defect.
Voidable Contract -ANS-One or both of the parties has the ability to either withdraw
from the contract or enforce it.
if choosing to terminate a voidable contract, both parties must -ANSreturn anything
already exchanged under the agreement; restore to conditions before contract
contracts can be voided if -ANS-entered into by a minor, fraud, or under duress
-court attempting to protect person believed to have been taken advantage of
Lack of Genuine Assent (Defense) -ANS-All contract elements are there but one party
was forced into contract through duress, fraud, misrepresentation.
-Acts as defense
Contract Lacks Proper Form (Defense) -ANSWriting must meet a certain criteria must
exist for a contract to be legally binding.
II. CHAPTER 14: Agreement -ANSII. CHAPTER 14: Agreement
Elements of Offer (4): -ANS1. Intent to be bound by acceptance
2. Definite and certain terms
3. Communication to the offeree
4. Acceptance
Material Terms include (5):
(Considered Definite and Certain if all are there). -ANS1. Subject matter
2. Quality
3. Price
4. Quantity
5. Named parties
Termination of the offer can happen in 5 ways -ANS-revocation
-rejection or counteroffer
-death of incapacity of the offeror
-destruction or subsequent illegality of subject matter
-lapse of time or failure of another condition specified in the offer
Revocation -ANSi. The offeror can cancel the offer at any time, regardless of how long it
was said to be open
ii. Becomes effective when the offeree receives it, and should deliver personally if
important to be known
Exceptions to revocation -ANSoption contract and detrimental reliance
