BUL 4421 Final Exam Questions with Correct Answers 100% Verified By Experts| Latest
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contract 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.
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
consideration The bargained-for exchange; what each party gets in exchange for his or her
promise under a contract.
contractual capacity The legal ability to enter into contracts.
- Most adults over the age of majority (18) 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
bilateral contract a promise exchanged 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 (i.e., a promise + a
requested action). The offeror wants the offeree to do something, not promise to do
something.
express contract the terms of the contract are all clearly set forth in either written or spoken
words
implied contract arise not from words but from the conduct of the parties
, void contract not a contract at all. Either its object is illegal or it has some defect so serious
it is not a contract
voidable contract one of both of the parties have the ability to either withdraw from the
contract or enforce it
option contract the offeree gives the offeror consideration in exchange for the holding the
offer upon for a specified period of time.
Revocation the offeror can revoke the offer at any time unless the offer enters into an
option contract with the offeror. Revocation is effective when the offeror receives it.
rejection - another way to terminate the offer, effectuated by the offeror.
- Regardless of how long the offer was stated to be open, once the offeree rejects it, it is
terminated.
counteroffer an offer made by an offeree to his offeror relating to the same matter as the
original and proposing a substituted bargain differing from that proposed in the original offer....
A counteroffer terminates the original offer
Destruction or subsequent illegality of the subject matter if the subject of the offer is
destroyed or becomes illegal, the offer immediately terminates.
lapse of time - if the offer states it will be held open for only a certain time, it terminated
when that time expires.
- In the absence of such a time condition, the offer will expire after the lapse of a reasonable
amount of time.
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contract 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.
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
consideration The bargained-for exchange; what each party gets in exchange for his or her
promise under a contract.
contractual capacity The legal ability to enter into contracts.
- Most adults over the age of majority (18) 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
bilateral contract a promise exchanged 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 (i.e., a promise + a
requested action). The offeror wants the offeree to do something, not promise to do
something.
express contract the terms of the contract are all clearly set forth in either written or spoken
words
implied contract arise not from words but from the conduct of the parties
, void contract not a contract at all. Either its object is illegal or it has some defect so serious
it is not a contract
voidable contract one of both of the parties have the ability to either withdraw from the
contract or enforce it
option contract the offeree gives the offeror consideration in exchange for the holding the
offer upon for a specified period of time.
Revocation the offeror can revoke the offer at any time unless the offer enters into an
option contract with the offeror. Revocation is effective when the offeror receives it.
rejection - another way to terminate the offer, effectuated by the offeror.
- Regardless of how long the offer was stated to be open, once the offeree rejects it, it is
terminated.
counteroffer an offer made by an offeree to his offeror relating to the same matter as the
original and proposing a substituted bargain differing from that proposed in the original offer....
A counteroffer terminates the original offer
Destruction or subsequent illegality of the subject matter if the subject of the offer is
destroyed or becomes illegal, the offer immediately terminates.
lapse of time - if the offer states it will be held open for only a certain time, it terminated
when that time expires.
- In the absence of such a time condition, the offer will expire after the lapse of a reasonable
amount of time.
