BUL 4421 FINAL - FAU GENDLER NEWEST 2026
COMPREHENSIVE STUDY GUIDE – EXPERT STRATEGIES,
REVIEW OF KEY QUIZZES, AND PRACTICE QUESTIONS FOR
GUARANTEED SUCCESS
CHAPTER 13: Introduction to Contracts -ANSWER-CHAPTER 13: Introduction to Contracts
Four Elements of a Contract: CLAC -ANSWER-1. Contractual Capacity
2. Legal Object
3. Agreement (offer, acceptance)
4. Consideration
Contract -ANSWER--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 -ANSWER-(Offer & Acceptance)
Offer by Oferror to enter into a contract and acceptance of terms by offeree.
Consideration -ANSWER-i. 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 -ANSWER-i. The legal ability to enter into a binding agreement
Legal Object -ANSWER-subject matter of the contract. Cannot be illegal or against public
policy in order to be enforceable
,Objective Theory of Contracts is the -ANSWER-basis of contract law
Objective Theory of Contracts bases existence on -ANSWER-Outward manifestations of
intent
Objective Theory of Contracts bases interpretation on -ANSWER-how a reasonable person
would interpret it.
________ of parties is not usually relevant under objective theory of contracts -ANSWER-
subjective intent
t or f: subjective intent may be relevant under certain circumstances -ANSWER-true
subjective intent may be relevant if -ANSWER-a 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 -ANSWER-look 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 -
ANSWER-their objective words and behavior and do not try to figure out what they may
have secretly intending
classification of contract determines -ANSWER-when offeree is legally bound to perform
Bilateral Contract = -ANSWER-A 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 -ANSWER-as soon as promise exchanged
Unilateral Contract -ANSWER--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 -ANSWER-once offerree begins performance;
offeror must give reasonable amt of time to finish before voiding contract
Express Contract -ANSWER-The 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 -ANSWER-Terms arise from conduct of the parties.
ex; dentist pulling tooth implies you will pay
3 conditions required for implied contracts (and recovery) -ANSWER-1- 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 -ANSWER--Not a contract at all; unenforceable
-Either illegal or has some serious defect.
Voidable Contract -ANSWER--One or both of the parties has the ability to either withdraw
from the contract or enforce it.
COMPREHENSIVE STUDY GUIDE – EXPERT STRATEGIES,
REVIEW OF KEY QUIZZES, AND PRACTICE QUESTIONS FOR
GUARANTEED SUCCESS
CHAPTER 13: Introduction to Contracts -ANSWER-CHAPTER 13: Introduction to Contracts
Four Elements of a Contract: CLAC -ANSWER-1. Contractual Capacity
2. Legal Object
3. Agreement (offer, acceptance)
4. Consideration
Contract -ANSWER--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 -ANSWER-(Offer & Acceptance)
Offer by Oferror to enter into a contract and acceptance of terms by offeree.
Consideration -ANSWER-i. 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 -ANSWER-i. The legal ability to enter into a binding agreement
Legal Object -ANSWER-subject matter of the contract. Cannot be illegal or against public
policy in order to be enforceable
,Objective Theory of Contracts is the -ANSWER-basis of contract law
Objective Theory of Contracts bases existence on -ANSWER-Outward manifestations of
intent
Objective Theory of Contracts bases interpretation on -ANSWER-how a reasonable person
would interpret it.
________ of parties is not usually relevant under objective theory of contracts -ANSWER-
subjective intent
t or f: subjective intent may be relevant under certain circumstances -ANSWER-true
subjective intent may be relevant if -ANSWER-a 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 -ANSWER-look 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 -
ANSWER-their objective words and behavior and do not try to figure out what they may
have secretly intending
classification of contract determines -ANSWER-when offeree is legally bound to perform
Bilateral Contract = -ANSWER-A 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 -ANSWER-as soon as promise exchanged
Unilateral Contract -ANSWER--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 -ANSWER-once offerree begins performance;
offeror must give reasonable amt of time to finish before voiding contract
Express Contract -ANSWER-The 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 -ANSWER-Terms arise from conduct of the parties.
ex; dentist pulling tooth implies you will pay
3 conditions required for implied contracts (and recovery) -ANSWER-1- 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 -ANSWER--Not a contract at all; unenforceable
-Either illegal or has some serious defect.
Voidable Contract -ANSWER--One or both of the parties has the ability to either withdraw
from the contract or enforce it.
