BUL 4421 Business Law 1
Business Law 1 BUL 4421 FAU Mid- Term & Final Exam
Course Title and Number: Business Law 1 BUL 4421 –
FAU
Exam Title: BUL 4421 Exam
Exam Date: Exam 2025- 2026
Instructor: ____ [Insert Instructor’s Name] _______
Student Name: ___ [Insert Student’s Name] _____
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Examination
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Instructions:
1. Read each question carefully.
2. Answer all questions.
3. Use the provided answer sheet to mark your responses.
4. Ensure all answers are final before submitting the exam.
5. Please answer each question below and click Submit when you
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7. This is Exam which will assess your knowledge on the course
Learning Resources.
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BUL 4421 FAU Final Exam Business Law 1 Review
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2025- 2026
Business Law 1 BUL 4421 FAU Mid- Term & Final Exam
BUL 4421 Business Law 1 at Florida Atlantic University
Read All Instructions Carefully and Answer All the
Questions Correctly Good Luck: -
A promise or a set of promises for the breach of which
the law gives a remedy, or the performance of which
the law in some way recognizes as a duty. -
=Answer>> Contract
Agreement
Consideration
Capacity
Legal object - =Answer>> 4 elements of a legally
binding contract
Consist of an offer by one party , called the offeror to
enter into a contract and an acceptance of the term of
the offer by the other party called the offeree -
=Answer>> Agreement
The party who makes the offer - =Answer>> Offeror
Party to whom the offer is made - =Answer>> Offeree
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The bargained - for exchange or what each party gets
in exchange for his or her promise under the contract -
=Answer>> Consideration
Legal ability to enter into a binding agreement -
=Answer>> Contractual capacity
A promise in exchange for a promise as soon as the
promises are exchanged , a contract is formed , and
the parties ' legal obligations arise - =Answer>>
Bilateral contract
Requires performance in order to form a contract ( i.e.
a promise + request action ) . The offeror wants the
offeree to do something , not promise to do something -
=Answer>> unilateral contract
Terms of the contract are all clearly set forth in either
written or spoken words - =Answer>> Express
contract
Arise not from words but from the conduct of the
parties - =Answer>> Implied contract
Not a contract ■ Either its object is illegal or it has some
defect so serious it is not a contract - =Answer>> Void
contract
Not 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 the other party - =Answer>> Quasi contract also
called IMPLIED IN LAW CONTRACTS
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