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BUL 4421 Final Exam - FAU Gendler Q&A 100% Guaranteed Pass
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BUL 4421 Final Exam - FAU Gendler Q&A 100% Guaranteed Pass 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...

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  • December 21, 2024
  • 36
  • 2024/2025
  • Exam (elaborations)
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BUL 4421 Final Exam - FAU Gendler

Q&A 100% Guaranteed Pass


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 which the law gives a remedy or the performance of which the

law in some way recognizes a duty.

Agreement - ✔✔(Offer & Acceptance)



Offer by Oferror to enter into a contract and acceptance of terms by

offeree.

Consideration - ✔✔i. The bargained-for exchange or what each party gets

in exchange for his or her promise under the contract

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,(The something for something)

Contractual capacity - ✔✔i. The legal ability to enter into a binding

agreement

Legal Object - ✔✔subject matter of the contract. Cannot be illegal or

against public policy in order to be enforceable

Objective Theory of Contracts is the - ✔✔basis of contract law

Objective Theory of Contracts bases existence on - ✔✔Outward

manifestations of intent

Objective Theory of Contracts bases interpretation on - ✔✔how a

reasonable person would interpret it.

________ of parties is not usually relevant under objective theory of

contracts - ✔✔subjective intent

t or f: subjective intent may be relevant under certain circumstances -

✔✔true

subjective intent may be relevant if - ✔✔a mutual misunderstanding b/t

parties exists and they did not come to a true meetings of minds; no

contract exists



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,if there appears a a mutual misunderstanding - ✔✔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 - ✔✔their objective words and behavior and do not try to

figure out what they may have secretly intending

classification of contract determines - ✔✔when offeree is legally bound to

perform

Bilateral Contract = - ✔✔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 - ✔✔as soon as promise

exchanged

Unilateral Contract - ✔✔-a promise + a requested action

-Offerror wants something *done, not a promise* for something to be done.

-ex; find dog and ill pay reward




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, under unilateral contract, contract formed - ✔✔once offerree begins

performance; offeror must give reasonable amt of time to finish before

voiding contract

Express Contract - ✔✔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 - ✔✔Terms arise from conduct of the parties.

ex; dentist pulling tooth implies you will pay

3 conditions required for implied contracts (and recovery) - ✔✔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 - ✔✔-Not a contract at all; unenforceable

-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.




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