©FYNDLAY 2024/2025 ALL RIGHTS RESERVED 12:27AM. A+
BUSFIN 3500 Final Exam Questions And
Answers| Already Graded A+| Latest Update.
Contract - Answer✔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
Contract Law falls under what jurisdiction - Answer✔State
Elements of a Contract - Answer✔Agreement
Consideration
Legal Capacity
Legal Object
Agreement - Answer✔consists of an offer by one party to enter into a contract an acceptance
of the terms by the other party
Legal Object - Answer✔to be enforceable, contract cannot be illegal or against public policy
Objective Theory of Contracts - Answer✔In determining whether parties intended to enter into
a contract, courts look at their objective words and behavior, no secret intentions
Sources of Contract Law - Answer✔Case Law (Common Law)
Uniform Commercial Code (UCC)
Convention on Contracts for International Sales of Goods (CISG)
Requirements of Enforceable Contract - Answer✔-Needs the 4 essential elements
-Legal assent; each party must have freely entered through proper means
-Proper form; some contracts that lack a writing are not enforceable
Bilateral Contract - Answer✔if the offeror wants a promise from the offeree to form a binding
contract. Promise for promise
1
, ©FYNDLAY 2024/2025 ALL RIGHTS RESERVED 12:27AM. A+
Unilateral Contract - Answer✔offeror wants the offeree to do something, most common is a
reward. Promise for an act
Express Contract - Answer✔Are all clearly set forth in either written or spoken words
Implied Contract - Answer✔Arise from the conduct of the parties. Needs 3 conditions:
-Plaintiff provided some property or service to the defendant
-Plaintiff expected to be paid for such property or service
-Defendant had an opportunity to reject the property or service but did not
Formal Contracts - Answer✔have a special form or must be created in a specific manner. 4
types:
-Contracts under seal
-Recognizances
-Letters of Credit
-Negotiable Instruments
Informal (Simple) Contract - Answer✔no formalities are required in making,
Plain-Meaning Rule - Answer✔States that if a writing, or a term in question appears to be plain
and unambiguous on its face, we determine its meaning from exactly what is stated
Elements of the Offer: - Answer✔-Intent
-Definite and Certain Terms
-Communication to the Offeree
Termination of the Offer (5 ways) - Answer✔-Revocation by the offeror
-Rejection or counteroffer by the offeree
-Death or incapacity of the offeror
-Destruction of subsequent illegality of the subject matter of the offer
-Lapse of time or failure of other conditions stated
Revocation Exceptions - Answer✔-Option Contract: in exchange for a piece of consideration,
the offeror will hold the offer open for a period of time (real estate)
-Detrimental Reliance: If the offeree had reasonably relied on the promise to hold the offer
open and took action in reliance on that
2
, ©FYNDLAY 2024/2025 ALL RIGHTS RESERVED 12:27AM. A+
The Acceptance - Answer✔Requirements match the offer requirements
Silence as a form of Acceptance? - Answer✔Cannot be used UNLESS:
-previous behavior would indicate it acceptable
-Receiving benefits with a reasonable amount of time to deny such benefits
Mirror-Image Rule: - Answer✔States that the terms of the acceptance must mirror the terms of
the offer. If they dont, no contract is formed
Mailbox Rule: - Answer✔provides that an acceptance is valid when the offeree places it in the
mailbox, whereas a revocation is effective only when the offeree receives it. Not applicable if
there instantaneous communication
Effect of an Acceptance after a Rejection: - Answer✔rejection is not effective until received, if
you mail rejection and someone else accepts beforehand,a valid contract exists
Consideration - Answer✔the bargained-for exchange; what each party gets in exchange for his
or her promise under a contract. Must be bargained
Promissory estoppel - Answer✔the legal enforcement of an otherwise unenforceable contract
due to a party's detrimental reliance on the contract
Promissory estoppel 3 conditions - Answer✔-One party makes a promise and either knows or
should know that the other party will reasonably rely on it
-Other party does reasonably rely on the promise
-Only way to avoid injustice is to enforce the promise
AND contracts under seal
Adequacy of Consideration - Answer✔Court does not rule whether or not you made a good
bargain
Illusory of Promise - Answer✔a situation in which a party appears to commit to something but
really has not committed to anything.
ex: I offer to sell my car for $5000, Ryan saying he'll look at it and if he likes it he'll buy, is NOT a
promise
Past Consideration - Answer✔A promise cannot be based on consideration provided before the
promise was made. Past consideration is not consideration at all. UNLESS "to the extent
necessary to avoid injustice"
3
BUSFIN 3500 Final Exam Questions And
Answers| Already Graded A+| Latest Update.
Contract - Answer✔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
Contract Law falls under what jurisdiction - Answer✔State
Elements of a Contract - Answer✔Agreement
Consideration
Legal Capacity
Legal Object
Agreement - Answer✔consists of an offer by one party to enter into a contract an acceptance
of the terms by the other party
Legal Object - Answer✔to be enforceable, contract cannot be illegal or against public policy
Objective Theory of Contracts - Answer✔In determining whether parties intended to enter into
a contract, courts look at their objective words and behavior, no secret intentions
Sources of Contract Law - Answer✔Case Law (Common Law)
Uniform Commercial Code (UCC)
Convention on Contracts for International Sales of Goods (CISG)
Requirements of Enforceable Contract - Answer✔-Needs the 4 essential elements
-Legal assent; each party must have freely entered through proper means
-Proper form; some contracts that lack a writing are not enforceable
Bilateral Contract - Answer✔if the offeror wants a promise from the offeree to form a binding
contract. Promise for promise
1
, ©FYNDLAY 2024/2025 ALL RIGHTS RESERVED 12:27AM. A+
Unilateral Contract - Answer✔offeror wants the offeree to do something, most common is a
reward. Promise for an act
Express Contract - Answer✔Are all clearly set forth in either written or spoken words
Implied Contract - Answer✔Arise from the conduct of the parties. Needs 3 conditions:
-Plaintiff provided some property or service to the defendant
-Plaintiff expected to be paid for such property or service
-Defendant had an opportunity to reject the property or service but did not
Formal Contracts - Answer✔have a special form or must be created in a specific manner. 4
types:
-Contracts under seal
-Recognizances
-Letters of Credit
-Negotiable Instruments
Informal (Simple) Contract - Answer✔no formalities are required in making,
Plain-Meaning Rule - Answer✔States that if a writing, or a term in question appears to be plain
and unambiguous on its face, we determine its meaning from exactly what is stated
Elements of the Offer: - Answer✔-Intent
-Definite and Certain Terms
-Communication to the Offeree
Termination of the Offer (5 ways) - Answer✔-Revocation by the offeror
-Rejection or counteroffer by the offeree
-Death or incapacity of the offeror
-Destruction of subsequent illegality of the subject matter of the offer
-Lapse of time or failure of other conditions stated
Revocation Exceptions - Answer✔-Option Contract: in exchange for a piece of consideration,
the offeror will hold the offer open for a period of time (real estate)
-Detrimental Reliance: If the offeree had reasonably relied on the promise to hold the offer
open and took action in reliance on that
2
, ©FYNDLAY 2024/2025 ALL RIGHTS RESERVED 12:27AM. A+
The Acceptance - Answer✔Requirements match the offer requirements
Silence as a form of Acceptance? - Answer✔Cannot be used UNLESS:
-previous behavior would indicate it acceptable
-Receiving benefits with a reasonable amount of time to deny such benefits
Mirror-Image Rule: - Answer✔States that the terms of the acceptance must mirror the terms of
the offer. If they dont, no contract is formed
Mailbox Rule: - Answer✔provides that an acceptance is valid when the offeree places it in the
mailbox, whereas a revocation is effective only when the offeree receives it. Not applicable if
there instantaneous communication
Effect of an Acceptance after a Rejection: - Answer✔rejection is not effective until received, if
you mail rejection and someone else accepts beforehand,a valid contract exists
Consideration - Answer✔the bargained-for exchange; what each party gets in exchange for his
or her promise under a contract. Must be bargained
Promissory estoppel - Answer✔the legal enforcement of an otherwise unenforceable contract
due to a party's detrimental reliance on the contract
Promissory estoppel 3 conditions - Answer✔-One party makes a promise and either knows or
should know that the other party will reasonably rely on it
-Other party does reasonably rely on the promise
-Only way to avoid injustice is to enforce the promise
AND contracts under seal
Adequacy of Consideration - Answer✔Court does not rule whether or not you made a good
bargain
Illusory of Promise - Answer✔a situation in which a party appears to commit to something but
really has not committed to anything.
ex: I offer to sell my car for $5000, Ryan saying he'll look at it and if he likes it he'll buy, is NOT a
promise
Past Consideration - Answer✔A promise cannot be based on consideration provided before the
promise was made. Past consideration is not consideration at all. UNLESS "to the extent
necessary to avoid injustice"
3
