BUL 3320 Exam 1 Questions and Correct
Answers
Agreement - Answer-Manifestation by two or more persons of the substance of a contract
Offer - Answer-The manifestation of willingness to enter into a bargain, so made as to justify another
person in understanding that his assent to that bargain is invited and will conclude it
Objective theory of contracts - Answer-Intent to contract is judged by the reasonable person standard
and not by the subjective intent of the parties
Express Terms - Answer-The terms of an offer must be clear enough to the offeree to be able to decide
whether to accept or reject the terms of the offer
Implied terms - Answer-The court can supply a missing term if a reasonable term can be implied
Revocation - Answer-Withdrawal of an offer by the offeror that terminates the offer
Rejection - Answer-Express words or conduct by the offeree to reject an offer
, Counteroffer - Answer-A response by an offeree that contains terms and conditions different from or in
addition to those of the offer
Termination of Offer by Operation of Law - Answer-●Destruction of the subject matter
●Death or incompetency of offeror or offeree
●Supervening illegality
●Lapse of time
Acceptance - Answer-A manifestation of assent by the offeree to the terms of the offer in a manner
invited or required by the offer as measured by the objective theory of contracts
Mirror Image Rule - Answer-for an acceptance to exist, the offeree must accept the terms as stated in
the offer
●Any attempt to accept the offer on different terms constitutes a counteroffer
Mailbox rule - Answer-an acceptance is effective when it is dispatched, even if it is lost in transmission
Does not apply if an offeree first dispatches a rejection and then sends an acceptance
Ethical Fundamentalism - Answer-A person looks to an outside source or a central figure for ethical
rules or commands. This maybe a book or a person
Utilitarianism - Answer-A person must choose the action or follow the rule that provides the greatest
good to society
Kantian Ethics - Answer-A person owes moral duties based on universal rules
●The rules are based on two principles:
●Consistency—All cases are treated alike
Answers
Agreement - Answer-Manifestation by two or more persons of the substance of a contract
Offer - Answer-The manifestation of willingness to enter into a bargain, so made as to justify another
person in understanding that his assent to that bargain is invited and will conclude it
Objective theory of contracts - Answer-Intent to contract is judged by the reasonable person standard
and not by the subjective intent of the parties
Express Terms - Answer-The terms of an offer must be clear enough to the offeree to be able to decide
whether to accept or reject the terms of the offer
Implied terms - Answer-The court can supply a missing term if a reasonable term can be implied
Revocation - Answer-Withdrawal of an offer by the offeror that terminates the offer
Rejection - Answer-Express words or conduct by the offeree to reject an offer
, Counteroffer - Answer-A response by an offeree that contains terms and conditions different from or in
addition to those of the offer
Termination of Offer by Operation of Law - Answer-●Destruction of the subject matter
●Death or incompetency of offeror or offeree
●Supervening illegality
●Lapse of time
Acceptance - Answer-A manifestation of assent by the offeree to the terms of the offer in a manner
invited or required by the offer as measured by the objective theory of contracts
Mirror Image Rule - Answer-for an acceptance to exist, the offeree must accept the terms as stated in
the offer
●Any attempt to accept the offer on different terms constitutes a counteroffer
Mailbox rule - Answer-an acceptance is effective when it is dispatched, even if it is lost in transmission
Does not apply if an offeree first dispatches a rejection and then sends an acceptance
Ethical Fundamentalism - Answer-A person looks to an outside source or a central figure for ethical
rules or commands. This maybe a book or a person
Utilitarianism - Answer-A person must choose the action or follow the rule that provides the greatest
good to society
Kantian Ethics - Answer-A person owes moral duties based on universal rules
●The rules are based on two principles:
●Consistency—All cases are treated alike
