- | P a g e
BUL 4421 Final - FAU Gendler / Strategies Review of Key Quizzes & Correct Answers.Qs: CHAPTER 13: Introduction to Contracts -
Answer:
CHAPTER 13: Introduction to Contracts
Qs: Four Elements of a Contract: CLAC -
Answer:
- Contractual Capacity
- Legal Object
- Agreement (offer, acceptance)
- Consideration
Qs: 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.
Qs: Agreement -
Answer:
(Offer & Acceptance) Offer by Oferror to enter into a contract and acceptance of terms by offeree. 1 / 4
- | P a g e
Qs: Consideration -
Answer:
- The bargained-for exchange or what each party gets in exchange for his or
her promise under the contract (The something for something)
Qs: Contractual capacity -
Answer:
- The legal ability to enter into a binding agreement
Qs: Legal Object -
Answer:
subject matter of the contract. Cannot be illegal or against public policy in order to be enforceable
Qs: Objective Theory of Contracts is the -
Answer:
basis of contract law
Qs: Objective Theory of Contracts bases existence on -
Answer:
Outward manifestations of intent
Qs: Objective Theory of Contracts bases interpretation on -
Answer: 2 / 4
- | P a g e
how a reasonable person would interpret it.
Qs: ________ of parties is not usually relevant under objective theory of
contracts -
Answer:
subjective intent Qs: t or f: subjective intent may be relevant under certain circumstances -
Answer:
true
Qs: 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
Qs: if there appears a a mutual misunderstanding -
Answer:
look at each party separately, interpret situation to determine whether parties really reached an agreement
Qs: 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 Qs: classification of contract determines - 3 / 4
- | P a g e
Answer:
when offeree is legally bound to perform
Qs: 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
Qs: Under bilateral contract, contract formed -
Answer:
as soon as promise exchanged
Qs: 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
Qs: under unilateral contract, contract formed -
Answer:
once offerree begins performance; offeror must give reasonable amt of time to finish before voiding contract
Qs: Express Contract -
- / 4