BUL 4421 EXAM 2 Verified Exam Questions and Answers Latest update 2026/2027

BUL 4421 EXAM 2 Verified Exam Questions and Answers Latest
update 2026/2027

Question:
Elements of a Contract

Answer:
offer, acceptance, consideration

Question:
offerer

Answer:
A person who makes an offer.

Question:
offeree

Answer:
A person to whom an offer is made.

Question:
Consideration

Answer:
The bargained-for exchange; what each party gets in exchange for his or her promise under a contract.

Question:
Bilateral Contract

Answer:
promise for a promise

Question:
Unilateral Contract

Answer:
promise in exchange for an act

Question:
Executed

Answer:
both ends of the contract complied with terms

, Question:
Executory

Answer:
a contract that has not been fully performed on either side

Question:
Void Contract

Answer:
A contract having no legal force or binding effect.

Question:
Voidable Contract

Answer:
A contract that may be legally avoided at the option of one or both of the parties.

Question:
Valid Contract

Answer:
A contract that results when elements necessary for contract formation (agreement, consideration,
legal purpose, and contractual capacity) are present.

Question:
Unenforceable Contract

Answer:
A valid contract rendered unenforceable by some statute or law.

Question:
Formal Contract

Answer:
An agreement that by law requires a specific form for its validity.

Question:
informal (simple) contract

Answer:
A contract that does not require a specified form or formality in order to be valid.