BMGT 380 Exam 2 Questions and Answers Fully Solved 100%
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BMGT 380
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BMGT 380
Auctions - ️️Treated as invitation. Once negotiation is done there is a contract.
Sellers offer people to bid, goes to highest bidder.
Offer Parts - ️️1) Objective indication of present intent (reasonable person thinks its
a contract)
2) Specificity of Terms
3) Communication of Offer
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BMGT 380 Exam 2
Auctions - ✔️✔️Treated as invitation. Once negotiation is done there is a contract.
Sellers offer people to bid, goes to highest bidder.
Offer Parts - ✔️✔️1) Objective indication of present intent (reasonable person thinks its
a contract)
2) Specificity of Terms
3) Communication of Offer
Types of Contracts - ✔️✔️Unilateral- 1 party make a promise (punch card)
Bilateral- both parties make a promise (renting a facility)
Valid Contract - ✔️✔️Meets all legal requirements and is enforceable in court
Unenforceable Contract - ✔️✔️Meets basic legality but another law prevents it
Void Contract - ✔️✔️have no obligation because the are illegal
Voidable Contact - ✔️✔️Contract is induced by fraud, or deception and you have the
option to cancel it.
Contracts - ✔️✔️Legally enforceable set of promises through private law
Expressed Contract - ✔️✔️directly state their terms
Implied Contracts - ✔️✔️Supporting materials are implied or understood.
Executed Contract - ✔️✔️all parties have performed
, Obligations Without contract - ✔️✔️Quasi Contract- party has benefitted and knew they
benefited but didnt stop them still pay
Unwritten Rule- not agreement but known
Promissory Estoppel- 1 person relies on someone else promise.
Promissory Estoppel Factors - ✔️✔️1) Need Promise
2) Promisor foresees reliance
3) Promised person relies on the promise
4) injustice results
Rewards - ✔️✔️Need to have intent during the process.
Ads - ✔️✔️not contract unless there is specificity. only an invitation
Revocation - ✔️✔️offers are revocable before acceptance except for sometimes
Revocation Exceptions - ✔️✔️1) Option- offeror agrees to not sell offer due to down
payment
2) Firm Offer- Sale of goods, gives assurance that offer will be held open
3) Unilateral Contract- can't stop halfway
4) Promissory Estoppel- reliance on promise
Rejection - ✔️✔️Unwilling to accept offer. Time sensitive except:
Death or insanity
Destructive subject matter
Intervening Illegality
Acceptance Parts - ✔️✔️1) Intent to enter contract (signing)
2) Accepted Terms (Mirror Image and Battle of Forms)
3) Communicated Acceptance
Mirror Image and Battle of Forms - ✔️✔️Mirror Image- Common Law- Acceptance
must be mirroring same as offered
Battle of Forms- UCC- Definite and timely acceptance creates contract even with new
terms. They become proposals in addition for contract
BF Exceptions for 2 merchants
If both parties are merchants, the additional terms in the acceptance become part of the
contract unless
1)The offer expressly limits acceptance to its own terms. (can only accept this offer, no
added terms in contract) (Original offer said it is this or no offer.)
2)The new terms would materially change the offer in an important way.
3)The offeror receives the new terms and objects to them in a reasonable time frame.
Types of Communication of Acceptance - ✔️✔️Instantaneous Acceptance
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