Exam (elaborations)
BUL Final Exam Review - FAU Dr. Gendler/Questions with Answers
- Course
- Institution
BUL Final Exam Review - FAU Dr. Gendler/Questions with Answers
[Show more]
Content preview
BUL Final Exam Review - FAU Dr.Gendler/Questions with Answers
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 promises for the breach of which the law
gives a remedy or the performance of which the law in some way recognizes
a duty.
-Legally enforceable promises.
- Agreement - --Offer & Acceptance
-Offer by Oferror, and terms acceptance by offeree.
- Consideration - -i. The bargained-for exchange or what each party gets in
exchange for his or her promise under the contract
ii. The something for something
- Contractual capacity - -i. The legal ability to enter into a binding
agreement
ii. Most adults over the age of majority have capacity; those under the age of
majority, people suffering from mental illness, and intoxicated persons do
not (but there are exceptions).
- Lack of Genuine Assent (Defense) - --All contract elements are there but
one party was forced into contract through duress, fraud, misrepresentation.
-Acts as defense
- Contract Lacks Proper Form (Defense) - -Writing must meet a certain
criteria must exist for a contract to be legally binding.
- Objective Theory of Contracts - -Based existence on:
-Outward manifestations of intent
-Base interpretation on how a reasonable person would interpret it.
- Bilateral Contract - --A promise for a promise.
-I'll pay you $1000 for you to paint my car.
-(My promise = $1000)
-(Your promise = Paint my car)
, -Mutual exchange
- Unilateral Contract - --Offerror wants something *done, not a promise* for
something to be done.
- Express Contract - -The terms of the contract are all clearly set forth in
either written or spoken words.
- Implied Contract - -Terms arise from conduct of the parties.
- Void Contract - --Not a contract at all.
-Either illegal or has some serious defect.
- Voidable Contract - --One or both of the parties has the ability to either
withdraw from the contract or enforce it.
- II. CHAPTER 14: Agreement - -II. CHAPTER 14: Agreement
- Material Terms include (5):
(Considered Definite and Certain if all are there). - -1. Subject matter
2. Quality
3. Price
4. Quantity
5. Named parties
- Elements of Offer (4): - -1. Intent
2. Material terms
3. Communicated
4. Acceptance
- Option Contract - -The offeree gives the offeror consideration in exchange
for holding the offer open for a specified period of time. (Deposit for option-
to-buy).
- Revocation - -i. The offeror can cancel the offer at any time unless the
offeree entered into an option contract with the offeror.
ii. Becomes effective when the offeree receives it.
- Rejection - -i. Another way to terminate the offer, effectuated by the
offeree.
ii. Regardless of how long the offer was stated to be open, once the offeree
rejects it, it is terminated.
- Counteroffer - -i. An offer made by an offeree to his offeror relating to the
same matter as the original and proposing a substituted bargain differing
from that proposed in the original offer.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Nursephil2023. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
