K
C
LO
YC
D
BUL 4421 FINAL EXAM
U
ST
QUESTIONS AND CORRECT
VERIFIED ANSWERS 100%
GUARANTEED PASS A+
GRADED
,Contract
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.
a legally binding contract requires four elements:
Agreement
consideration
capacity
K
legal object
C
agreement
consists of an offer by one party, called the offeror, to enter into a contract and an acceptance of
the terms of the offer by the other party, called the offeree.
LO
offeror vs. offeree
offeror - party who makes the offer
offeree - party to whom the offer is made
YC
consideration
the bargained-for exchange or what each party gets in exchange for his or her promise under
the contract.
D
- what a legal entity receives in return for performing a contract obligation
U
contractual capacity
the legal ability to enter into a binding agreement
ST
Most adults over the age of majority have capacity; those under the age of majority, people
suffering from mental illness, and sufficiently intoxicated persons do not
objective theory of contracts
we base the existence of a contract on the parties' outward manifestations of intent and we base
its interpretation on how a reasonable person would interpret it
The subjective intent of parties is not usually relevant; what matters is how they represented
their intent through their actions and words
, bilateral contract
a promise in exchange for a promise. As soon as the promises exchanged, a contract is formed
and the parties' legal obligations arise
unilateral contract
requires performance in order to form a contract (1.e. a promise + a requested action). The
offeror wants the offeree to do something, not promise to do something.
K
- only performance by the offeree constitutes a valid acceptance
C
Express Contract
the terms of the contract are all clearly set forth in either written or spoken words
LO
implied contract
arise not from words but from the conduct of the parties
YC
quasi contract
also called "implied-in-law contracts, but they are not actually contracts. Courts impose
contractual obligations on one of the parties as If a contract existed to prevent one party from
being unjustly enriched at the expense of te other party.
D
void contract
not a contract at all. Either its object is illegal or it has some defect so serious it is not a contract.
U
voidable contract
one or both of the parties has the ability to either withdraw from the contract or enforce it.
ST
elements of a valid offer
1. offer must be communicated to offeree
2.offeror must manifest serious intent to be bound by the acceptance
3. offer must contain reasonable definite terms
option contract
the offeree gives the offeror consideration in exchange for holding the offer open for a specified
period of time. The offer is irrevocable for that period of time.
C
LO
YC
D
BUL 4421 FINAL EXAM
U
ST
QUESTIONS AND CORRECT
VERIFIED ANSWERS 100%
GUARANTEED PASS A+
GRADED
,Contract
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.
a legally binding contract requires four elements:
Agreement
consideration
capacity
K
legal object
C
agreement
consists of an offer by one party, called the offeror, to enter into a contract and an acceptance of
the terms of the offer by the other party, called the offeree.
LO
offeror vs. offeree
offeror - party who makes the offer
offeree - party to whom the offer is made
YC
consideration
the bargained-for exchange or what each party gets in exchange for his or her promise under
the contract.
D
- what a legal entity receives in return for performing a contract obligation
U
contractual capacity
the legal ability to enter into a binding agreement
ST
Most adults over the age of majority have capacity; those under the age of majority, people
suffering from mental illness, and sufficiently intoxicated persons do not
objective theory of contracts
we base the existence of a contract on the parties' outward manifestations of intent and we base
its interpretation on how a reasonable person would interpret it
The subjective intent of parties is not usually relevant; what matters is how they represented
their intent through their actions and words
, bilateral contract
a promise in exchange for a promise. As soon as the promises exchanged, a contract is formed
and the parties' legal obligations arise
unilateral contract
requires performance in order to form a contract (1.e. a promise + a requested action). The
offeror wants the offeree to do something, not promise to do something.
K
- only performance by the offeree constitutes a valid acceptance
C
Express Contract
the terms of the contract are all clearly set forth in either written or spoken words
LO
implied contract
arise not from words but from the conduct of the parties
YC
quasi contract
also called "implied-in-law contracts, but they are not actually contracts. Courts impose
contractual obligations on one of the parties as If a contract existed to prevent one party from
being unjustly enriched at the expense of te other party.
D
void contract
not a contract at all. Either its object is illegal or it has some defect so serious it is not a contract.
U
voidable contract
one or both of the parties has the ability to either withdraw from the contract or enforce it.
ST
elements of a valid offer
1. offer must be communicated to offeree
2.offeror must manifest serious intent to be bound by the acceptance
3. offer must contain reasonable definite terms
option contract
the offeree gives the offeror consideration in exchange for holding the offer open for a specified
period of time. The offer is irrevocable for that period of time.
