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Exam (elaborations)

BUL 4421 EXAM 2 QUESTIONS AND ANSWERS 100% SOLVED

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  • BUL 4421

BUL 4421 EXAM 2 QUESTIONS AND ANSWERS 100% SOLVED Elements of a Contract - offer, acceptance, consideration offerer - A person who makes an offer. offeree - A person to whom an offer is made. Consideration - The bargained-for exchange; what each party gets in exchange for his or her promise u...

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  • December 21, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BUL 4421
  • BUL 4421
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BUL 4421 EXAM 2 QUESTIONS AND

ANSWERS 100% SOLVED


Elements of a Contract - ✔✔offer, acceptance, consideration

offerer - ✔✔A person who makes an offer.

offeree - ✔✔A person to whom an offer is made.

Consideration - ✔✔The bargained-for exchange; what each party gets in

exchange for his or her promise under a contract.

Bilateral Contract - ✔✔promise for a promise

Unilateral Contract - ✔✔promise in exchange for an act

Executed - ✔✔both ends of the contract complied with terms

Executory - ✔✔a contract that has not been fully performed on either side

Void Contract - ✔✔A contract having no legal force or binding effect.

Voidable Contract - ✔✔A contract that may be legally avoided at the option

of one or both of the parties.




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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

, Valid Contract - ✔✔A contract that results when elements necessary for

contract formation (agreement, consideration, legal purpose, and

contractual capacity) are present.

Unenforceable Contract - ✔✔A valid contract rendered unenforceable by

some statute or law.

Formal Contract - ✔✔An agreement that by law requires a specific form for

its validity.

informal (simple) contract - ✔✔A contract that does not require a specified

form or formality in order to be valid.

Elements of an offer - ✔✔1. serious intent by the offeror to be bound to an

agreement

2. reasonably definite terms

3. communication to the offeree

intent - ✔✔the intended purpose or goal of an action, especially in a

contract

material terms - ✔✔In a contract, the terms that allow a court to determine

what the damages are in the event that one of the parties breaches the

contract; include the subject matter, quantity, price, quality, and parties.




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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

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