BUL 4421 PRACTICE SOLUTION TEST 2026
COMPLETE QUESTIONS AND ANSWERS
GRADED A+
●● 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
COMPLETE QUESTIONS AND ANSWERS
GRADED A+
●● 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
