BUL 4421 FAU GENDLER LATEST EVALUATION
EXAMS QUESTIONS AND ANSWERS SURE A+
✔✔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
✔✔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.
✔✔if choosing to terminate a voidable contract, both parties must - ✔✔return anything
already exchanged under the agreement; restore to conditions before contract
✔✔contracts can be voided if - ✔✔-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) - ✔✔-All contract elements are there but one
party was forced into contract through duress, fraud, misrepresentation.
-Acts as defense
✔✔Contract Lacks Proper Form (Defense) - ✔✔Writing must meet a certain criteria
must exist for a contract to be legally binding.
✔✔II. CHAPTER 14: Agreement - ✔✔II. CHAPTER 14: Agreement
✔✔Elements of Offer (4): - ✔✔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). - ✔✔1. Subject matter
2. Quality
3. Price
, 4. Quantity
5. Named parties
✔✔Termination of the offer can happen in 5 ways - ✔✔-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 - ✔✔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 - ✔✔option contract and detrimental reliance
✔✔Option Contract - ✔✔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
✔✔detrimental reliance - ✔✔offeree reasonably relied on offerors promise to hold offer
open and had taken action in reliance of offer.
may use promissory estoppel to prevent revocation
✔✔under detrimental reliance, once significant partial performance has begun -
✔✔offeror must give offeree a reasonable amount of time to complete performance
before revocation can take place
✔✔Rejection - ✔✔Regardless of anything, once the offeree rejects it, it is terminated.
✔✔Counteroffer - ✔✔i. An offer made by an offeree to his offeror relating to the same
matter as the original and proposing a substituted bargain differing from that proposed
in the original offer.
ii. A counteroffer terminates the original offer and the offeree becomes the offeror.
✔✔Death or incapacity of the offeror - ✔✔terms immediately if offeror dies or loses legal
capacity, even if offeree is unaware
✔✔exception to death or incapacity of offeror - ✔✔parties had entered into an options
contract; admin of estate or guardian must hold offer open until expiration in accordance
with options contract
EXAMS QUESTIONS AND ANSWERS SURE A+
✔✔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
✔✔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.
✔✔if choosing to terminate a voidable contract, both parties must - ✔✔return anything
already exchanged under the agreement; restore to conditions before contract
✔✔contracts can be voided if - ✔✔-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) - ✔✔-All contract elements are there but one
party was forced into contract through duress, fraud, misrepresentation.
-Acts as defense
✔✔Contract Lacks Proper Form (Defense) - ✔✔Writing must meet a certain criteria
must exist for a contract to be legally binding.
✔✔II. CHAPTER 14: Agreement - ✔✔II. CHAPTER 14: Agreement
✔✔Elements of Offer (4): - ✔✔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). - ✔✔1. Subject matter
2. Quality
3. Price
, 4. Quantity
5. Named parties
✔✔Termination of the offer can happen in 5 ways - ✔✔-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 - ✔✔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 - ✔✔option contract and detrimental reliance
✔✔Option Contract - ✔✔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
✔✔detrimental reliance - ✔✔offeree reasonably relied on offerors promise to hold offer
open and had taken action in reliance of offer.
may use promissory estoppel to prevent revocation
✔✔under detrimental reliance, once significant partial performance has begun -
✔✔offeror must give offeree a reasonable amount of time to complete performance
before revocation can take place
✔✔Rejection - ✔✔Regardless of anything, once the offeree rejects it, it is terminated.
✔✔Counteroffer - ✔✔i. An offer made by an offeree to his offeror relating to the same
matter as the original and proposing a substituted bargain differing from that proposed
in the original offer.
ii. A counteroffer terminates the original offer and the offeree becomes the offeror.
✔✔Death or incapacity of the offeror - ✔✔terms immediately if offeror dies or loses legal
capacity, even if offeree is unaware
✔✔exception to death or incapacity of offeror - ✔✔parties had entered into an options
contract; admin of estate or guardian must hold offer open until expiration in accordance
with options contract
