BUL FINAL EXAM REVIEW - FAU DR.
GENDLER QUESTIONS AND ANSWERS
CHAPTER 13: Introduction to Contracts - Correct Answers -CHAPTER 13: Introduction
to Contracts
Four Elements of a Contract: CLAC - Correct Answers -1. Contractual Capacity
2. Legal Object
3. Agreement (offer, acceptance)
4. Consideration
Contract - Correct Answers --A promise or set of promises for the breach of which the
law gives a remedy or the performance of which the law in some way recognizes a duty.
-Legally enforceable promises.
Agreement - Correct Answers --Offer & Acceptance
-Offer by Oferror, and terms acceptance by offeree.
Consideration - Correct Answers -i. The bargained-for exchange or what each party
gets in exchange for his or her promise under the contract
ii. The something for something
Contractual capacity - Correct Answers -i. The legal ability to enter into a binding
agreement
ii. Most adults over the age of majority have capacity; those under the age of majority,
people suffering from mental illness, and intoxicated persons do not (but there are
exceptions).
Lack of Genuine Assent (Defense) - Correct Answers --All contract elements are there
but one party was forced into contract through duress, fraud, misrepresentation.
-Acts as defense
Contract Lacks Proper Form (Defense) - Correct Answers -Writing must meet a certain
criteria must exist for a contract to be legally binding.
Objective Theory of Contracts - Correct Answers -Based existence on:
-Outward manifestations of intent
-Base interpretation on how a reasonable person would interpret it.
Bilateral Contract - Correct Answers --A promise for a promise.
-I'll pay you $1000 for you to paint my car.
, -(My promise = $1000)
-(Your promise = Paint my car)
-Mutual exchange
Unilateral Contract - Correct Answers --Offerror wants something *done, not a promise*
for something to be done.
Express Contract - Correct Answers -The terms of the contract are all clearly set forth in
either written or spoken words.
Implied Contract - Correct Answers -Terms arise from conduct of the parties.
Void Contract - Correct Answers --Not a contract at all.
-Either illegal or has some serious defect.
Voidable Contract - Correct Answers --One or both of the parties has the ability to either
withdraw from the contract or enforce it.
II. CHAPTER 14: Agreement - Correct Answers -II. CHAPTER 14: Agreement
Material Terms include (5):
(Considered Definite and Certain if all are there). - Correct Answers -1. Subject matter
2. Quality
3. Price
4. Quantity
5. Named parties
Elements of Offer (4): - Correct Answers -1. Intent
2. Material terms
3. Communicated
4. Acceptance
Option Contract - Correct Answers -The offeree gives the offeror consideration in
exchange for holding the offer open for a specified period of time. (Deposit for option-to-
buy).
Revocation - Correct Answers -i. The offeror can cancel the offer at any time unless the
offeree entered into an option contract with the offeror.
ii. Becomes effective when the offeree receives it.
Rejection - Correct Answers -i. Another way to terminate the offer, effectuated by the
offeree.
ii. Regardless of how long the offer was stated to be open, once the offeree rejects it, it
is terminated.
GENDLER QUESTIONS AND ANSWERS
CHAPTER 13: Introduction to Contracts - Correct Answers -CHAPTER 13: Introduction
to Contracts
Four Elements of a Contract: CLAC - Correct Answers -1. Contractual Capacity
2. Legal Object
3. Agreement (offer, acceptance)
4. Consideration
Contract - Correct Answers --A promise or set of promises for the breach of which the
law gives a remedy or the performance of which the law in some way recognizes a duty.
-Legally enforceable promises.
Agreement - Correct Answers --Offer & Acceptance
-Offer by Oferror, and terms acceptance by offeree.
Consideration - Correct Answers -i. The bargained-for exchange or what each party
gets in exchange for his or her promise under the contract
ii. The something for something
Contractual capacity - Correct Answers -i. The legal ability to enter into a binding
agreement
ii. Most adults over the age of majority have capacity; those under the age of majority,
people suffering from mental illness, and intoxicated persons do not (but there are
exceptions).
Lack of Genuine Assent (Defense) - Correct Answers --All contract elements are there
but one party was forced into contract through duress, fraud, misrepresentation.
-Acts as defense
Contract Lacks Proper Form (Defense) - Correct Answers -Writing must meet a certain
criteria must exist for a contract to be legally binding.
Objective Theory of Contracts - Correct Answers -Based existence on:
-Outward manifestations of intent
-Base interpretation on how a reasonable person would interpret it.
Bilateral Contract - Correct Answers --A promise for a promise.
-I'll pay you $1000 for you to paint my car.
, -(My promise = $1000)
-(Your promise = Paint my car)
-Mutual exchange
Unilateral Contract - Correct Answers --Offerror wants something *done, not a promise*
for something to be done.
Express Contract - Correct Answers -The terms of the contract are all clearly set forth in
either written or spoken words.
Implied Contract - Correct Answers -Terms arise from conduct of the parties.
Void Contract - Correct Answers --Not a contract at all.
-Either illegal or has some serious defect.
Voidable Contract - Correct Answers --One or both of the parties has the ability to either
withdraw from the contract or enforce it.
II. CHAPTER 14: Agreement - Correct Answers -II. CHAPTER 14: Agreement
Material Terms include (5):
(Considered Definite and Certain if all are there). - Correct Answers -1. Subject matter
2. Quality
3. Price
4. Quantity
5. Named parties
Elements of Offer (4): - Correct Answers -1. Intent
2. Material terms
3. Communicated
4. Acceptance
Option Contract - Correct Answers -The offeree gives the offeror consideration in
exchange for holding the offer open for a specified period of time. (Deposit for option-to-
buy).
Revocation - Correct Answers -i. The offeror can cancel the offer at any time unless the
offeree entered into an option contract with the offeror.
ii. Becomes effective when the offeree receives it.
Rejection - Correct Answers -i. Another way to terminate the offer, effectuated by the
offeree.
ii. Regardless of how long the offer was stated to be open, once the offeree rejects it, it
is terminated.
