BUL 5810 Exam 3 with Questions and 100% Correct Answers
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Course
BUL 5810
Institution
BUL 5810
A contract in which both parties exchange promises is called a: - Answer bilateral
contract
A contract in which only one party makes a promise, and that promise is exchanged for
an act or a forbearance to act, is called a: - Answer unilateral contract
A valid contract is one that: - Answer meet...
BUL 5810 Exam 3 with Questions and 100%
Correct Answers
A contract in which both parties exchange promises is called a: - Answer bilateral
contract
A contract in which only one party makes a promise, and that promise is exchanged for
an act or a forbearance to act, is called a: - Answer unilateral contract
A valid contract is one that: - Answer meets all of the requirements of a binding
contract.
A void contract is no contract at all and has no: - Answer legal effect
A contract capable of being made void is known as: - Answer voidable
A contract for the breach of which the law provides no remedy is a(n): - Answer
unenforceable contract
An executed contract: - Answer is a contract that has been fully performed by all of the
parties.
A contract that has yet to be fully performed is a(n): - Answer executory contract
A __________ ________________ is an agreement that is legally binding because of its
particular form or mode of expression. - Answer formal contract
,All contracts other than formal contracts are: - Answer informal contracts
Promissory Estoppel is: - Answer a doctrine enforcing some noncontractual promises.
What are the requirements to qualify under Promissory Estoppel? - Answer A promise
made under circumstances that should lead the promisor reasonably to expect that the
promise would induce the promisee to take definite and substantial action and the
promisee does take such action.
What is the remedy associated with Promissory Estoppel? - Answer A court will enforce
the promise to the extent necessary to avoid injustice.
An obligation not based on a contract that is imposed to avoid injustice is known as: -
Answer a quasi contract or restitution.
What are the requirements for quasi contracts/restitution? - Answer A court will impose
a quasi contract or restitution when (1) the plaintiff confers a benefit upon the
defendant, (2) the defendant knows or appreciates the benefit, and (3) the defendant's
retention of the benefit is inequitable.
What remedy is available for quasi contracts/restitution? - Answer The plaintiff recovers
the reasonable value of the benefit she conferred upon the defendant.
An offer is defined as: - Answer indication of willingness to enter into a contract.
T or F: Offeree must have knowledge of the offer, and the offer must be made by the
offeror to the offeree. - Answer True
, Intent is determined by: - Answer an objective standard of what a reasonable offeree
would have believed.
An offer's terms must be clear enough to provide a court with: - Answer a basis for
giving an appropriate remedy.
An offer remains open for the time period specified or, if no time is stated, for a: -
Answer reasonable period of time.
Generally, an offer may be terminated at any time before it is accepted, subject to the
following exceptions: - Answer 1. Option Contract - contract that binds offeror to keep
an offer open for a specified time
2. Firm Offer - a merchant's irrevocable offer to sell or buy goods in a signed writing
ensures that the offer will not be terminated for up to three months
3. Statutory Irrevocability - offer made irrevocable by statute
4. Irrevocable Offer of Unilateral Contract - a unilateral offer may not be revoked for a
reasonable time after performance is begun
5. Promissory Estoppel - noncontractual promise that binds the promisor because she
should reasonably expect that the promise will induce the promisee (offeree) to take
action in reliance on it
T or F: Refusal to accept an offer does not terminate the power of acceptance. - Answer
False
What is a counteroffer? - Answer A counterproposal to an offer that generally
terminates the original offer.
Death or Incompetency of either the offeror or the offeree: - Answer terminates the
offer
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