BUL 4421 Final - FAU Gendler exam questions with complete solution
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Module
BUL 4421 FAU Gendler
Institution
BUL 4421 FAU Gendler
CHAPTER 13: Introduction to Contracts
CHAPTER 13: Introduction to Contracts
Four Elements of a Contract: CLAC
1. Contractual Capacity
2. Legal Object
3. Agreement (offer, acceptance)
4. Consideration
Contract
-A promise or set of legally enforceable promises for the breach of wh...
BUL 4421 Final - FAU Gendler exam questions with complete solution
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.
if choosing to terminate a voidable contract, both parties must - answer return anything already exchanged under the agreement; restore to conditions before contract
contracts can be voided if - answer -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) - answer -All contract elements are there but one party was forced into contract through duress, fraud, misrepresentation.
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