BUL 3130 Final Exam UNF 105 Ques ons and answers
Updated RATED A+ 2025/2026 NEW!!
Considera on - Ans the inducement to enter into a contract (what you give up in order to get
what you want)
Gratuitous Promise - Ans promise made without considera on
elements - Ans legal sufficiency and bargained-for exchanged (doesn't have to be equal to what
you receive)
legal sufficiency of considera on - Ans consists of either a benefit to the promisor or a
detriment to the promise
Legal Benefit - Ans obtaining something to which one had no prior legal right
Legal Detriment - Ans doing an act one is not legally obligated to do or not doing an act that
one has a legal right to do
Adequacy of Considera on - Ans not required where the par es have freely agreed to the
exchange
Promisor - Ans A person who makes a promise.
Unilateral Contract - Ans only one party, the offeror makes a promise
Bilateral Contract - Ans there is an exchange of promises
, Illusory Promise - Ans promise that in fact does not impose any obliga on on the promisor
output contract - Ans agreement to sell all of one's produc on to a single buyer
requirements contract - Ans An agreement in which a buyer agrees to purchase and the seller
agrees to sell all or up to a stated amount of what the buyer needs or requires.
exclusive dealing contract - Ans grant to a franchisee or licensee by a manufacturer of the sole
right to sell goods in a defined market
Condi onal Contract - Ans A contract in which the obliga ons are con ngent upon the
occurrence of a stated event
precedent - Ans condi on must be met before you have any obliga on
concurrent - Ans unless otherwise greed to, condi ons are concurrent
(same me)
subsequent - Ans condi on on contract a-er its been completed
Preexis ng Public Obliga ons - Ans public du es such as those imposed by tort or criminal law
are neither a legal detriment nor a legal benefit
Preexis ng Contractual Obliga on - Ans performance of a preexis ng contractual duty is not
considera on
Updated RATED A+ 2025/2026 NEW!!
Considera on - Ans the inducement to enter into a contract (what you give up in order to get
what you want)
Gratuitous Promise - Ans promise made without considera on
elements - Ans legal sufficiency and bargained-for exchanged (doesn't have to be equal to what
you receive)
legal sufficiency of considera on - Ans consists of either a benefit to the promisor or a
detriment to the promise
Legal Benefit - Ans obtaining something to which one had no prior legal right
Legal Detriment - Ans doing an act one is not legally obligated to do or not doing an act that
one has a legal right to do
Adequacy of Considera on - Ans not required where the par es have freely agreed to the
exchange
Promisor - Ans A person who makes a promise.
Unilateral Contract - Ans only one party, the offeror makes a promise
Bilateral Contract - Ans there is an exchange of promises
, Illusory Promise - Ans promise that in fact does not impose any obliga on on the promisor
output contract - Ans agreement to sell all of one's produc on to a single buyer
requirements contract - Ans An agreement in which a buyer agrees to purchase and the seller
agrees to sell all or up to a stated amount of what the buyer needs or requires.
exclusive dealing contract - Ans grant to a franchisee or licensee by a manufacturer of the sole
right to sell goods in a defined market
Condi onal Contract - Ans A contract in which the obliga ons are con ngent upon the
occurrence of a stated event
precedent - Ans condi on must be met before you have any obliga on
concurrent - Ans unless otherwise greed to, condi ons are concurrent
(same me)
subsequent - Ans condi on on contract a-er its been completed
Preexis ng Public Obliga ons - Ans public du es such as those imposed by tort or criminal law
are neither a legal detriment nor a legal benefit
Preexis ng Contractual Obliga on - Ans performance of a preexis ng contractual duty is not
considera on
