K
C
LO
YC
D
BUL 4421 FINAL - FAU
U
GENDLER EXAM QUESTIONS
ST
AND CORRECT VERIFIED
ANSWERS 100% GUARANTEED
PASS A+ GRADED
,CHAPTER 13: Introduction to Contracts
CHAPTER 13: Introduction to Contracts
Four Elements of a Contract: CLAC
1. Contractual Capacity
2. Legal Object
3. Agreement (offer, acceptance)
4. Consideration
K
Contract
-A promise or set of legally enforceable promises for the breach of which the law gives a remedy
C
or the performance of which the law in some way recognizes a duty.
LO
Agreement
(Offer & Acceptance)
Offer by Oferror to enter into a contract and acceptance of terms by offeree.
YC
Consideration
i. The bargained-for exchange or what each party gets in exchange for his or her promise under
the contract
(The something for something)
D
Contractual capacity
U
i. The legal ability to enter into a binding agreement
ST
Legal Object
subject matter of the contract. Cannot be illegal or against public policy in order to be
enforceable
Objective Theory of Contracts is the
basis of contract law
Objective Theory of Contracts bases existence on
Outward manifestations of intent
, Objective Theory of Contracts bases interpretation on
how a reasonable person would interpret it.
________ of parties is not usually relevant under objective theory of contracts
subjective intent
K
t or f: subjective intent may be relevant under certain circumstances
true
C
subjective intent may be relevant if
a mutual misunderstanding b/t parties exists and they did not come to a true meetings of minds;
LO
no contract exists
if there appears a a mutual misunderstanding
look at each party separately, interpret situation to determine whether parties really reached an
YC
agreement
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
D
classification of contract determines
U
when offeree is legally bound to perform
ST
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
C
LO
YC
D
BUL 4421 FINAL - FAU
U
GENDLER EXAM QUESTIONS
ST
AND CORRECT VERIFIED
ANSWERS 100% GUARANTEED
PASS A+ GRADED
,CHAPTER 13: Introduction to Contracts
CHAPTER 13: Introduction to Contracts
Four Elements of a Contract: CLAC
1. Contractual Capacity
2. Legal Object
3. Agreement (offer, acceptance)
4. Consideration
K
Contract
-A promise or set of legally enforceable promises for the breach of which the law gives a remedy
C
or the performance of which the law in some way recognizes a duty.
LO
Agreement
(Offer & Acceptance)
Offer by Oferror to enter into a contract and acceptance of terms by offeree.
YC
Consideration
i. The bargained-for exchange or what each party gets in exchange for his or her promise under
the contract
(The something for something)
D
Contractual capacity
U
i. The legal ability to enter into a binding agreement
ST
Legal Object
subject matter of the contract. Cannot be illegal or against public policy in order to be
enforceable
Objective Theory of Contracts is the
basis of contract law
Objective Theory of Contracts bases existence on
Outward manifestations of intent
, Objective Theory of Contracts bases interpretation on
how a reasonable person would interpret it.
________ of parties is not usually relevant under objective theory of contracts
subjective intent
K
t or f: subjective intent may be relevant under certain circumstances
true
C
subjective intent may be relevant if
a mutual misunderstanding b/t parties exists and they did not come to a true meetings of minds;
LO
no contract exists
if there appears a a mutual misunderstanding
look at each party separately, interpret situation to determine whether parties really reached an
YC
agreement
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
D
classification of contract determines
U
when offeree is legally bound to perform
ST
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
