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BUL 4421 Final - FAU Gendler Exam Questions With 100% Solved Solutions.
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BUL 4421 Final - FAU Gendler Exam Questions With 100% Solved Solutions.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.
-Acts as defense
Contract Lacks Proper Form (Defense) Answer - Writing must meet a certain criteria must exist for a contract to be legally binding.
II. CHAPTER 14: Agreement Answer - II. CHAPTER 14: Agreement
Elements of Offer (4): Answer - 1. Intent to be bound by acceptance
2. Definite and certain terms 3. Communication to the offeree
4. Acceptance
Material Terms include (5):
(Considered Definite and Certain if all are there). Answer - 1. Subject matter
2. Quality
3. Price
4. Quantity
5. Named parties
Termination of the offer can happen in 5 ways Answer - -revocation -rejection or counteroffer
-death of incapacity of the offeror
-destruction or subsequent illegality of subject matter
-lapse of time or failure of another condition specified in the offer
Revocation Answer - i. The offeror can cancel the offer at any time, regardless of how long it was said to be open
ii. Becomes effective when the offeree receives it, and should deliver personally if important to be known
Exceptions to revocation Answer - option contract and detrimental reliance
Option Contract Answer - The offeree gives the offeror consideration in exchange for
holding the offer open for a specified period of time. (Deposit for option-to-buy; i.e. real estate).
-consideration can be anything; no value required
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