BUL 4310 EXAM 1 THE LEGAL
ENVIRONMENT OF BUSINESS UNIVERSITY
OF FLORIDA EXAM SCRIPT 2026 UPDATED
QUESTIONS WITH DETAILED ANSWERS
GRADED A+
⩥ Implied Contract. Answer: A contract formed in whole or in part from
the conduct of the parties.
⩥ Can a contract be assigned?. Answer: Yes, a contract can be assigned,
meaning a party can transfer their rights and/or obligations to a third
party.
⩥ How is posting something for sale on an online auction treated?.
Answer: Posting something on an online auction is treated as an
invitation to make an offer. You are inviting buyers to submit bids.
⩥ Unilateral Contract. Answer: Contract that results when an offer can
be accepted only by the offerree's performance "Promise for an act"
⩥ Bilateral Contract. Answer: Contract that arises when a promise is
given in exchange for a promise. "Promise for Promise"
,⩥ Promissory estoppel is also known as. Answer: Detrimental reliance
⩥ Promissory Estoppel. Answer: a doctrine that applies when a promisor
makes a clear and definite promise on which the promise justifiably
relies. Such promise is binding if justice will be better served by the
enforcement of the promise.
⩥ Past Consideration Rule. Answer: Something given, or some act done
in the past, which cannot ordinarily be consideration for a later bargain.
"Timing Problem"
⩥ Alice saves Bob from drowning; Bob promises to pay Alice $400 for
saving him. Bob's Promise is generally not enforceable. Past
consideration or Pre-existing duty?. Answer: Past consideration
⩥ Pre-existing duty rule. Answer: Party's promise to do something they
are already obligated to do does not constitute valid new consideration
for a new contract or modification. "Duty Problem"
⩥ Police officer obligated to patrol the streets. Someone promises to pay
him $1000 to patrol the streets next week. The promise is not valid
consideration. Past consideration or Pre-existing duty?. Answer: Pre-
existing duty
, ⩥ How does a minor disaffirm a contract?. Answer: A minor can avoid a
contract by clearly expressing an intent not to be bound, either through
words or conduct.
⩥ Items minors can and cannot disaffirm. Answer: - Minors can
disaffirm contracts for non-essential items, including goods, services,
liability waivers, and digital assets.
- Contracts for necessities (food, clothing, shelter, medical care) cannot
be disaffirmed without paying reasonable value
⩥ How does a minor affirm a contract?. Answer: A minor can choose to
honor a contract, either explicitly or by continuing to accept benefits
after reaching the age of majority.
⩥ Offer. Answer: A promise or commitment to perform or refrain from
performing some specified act in the future.
⩥ Is a catalog showcasing items at certain prices an offer?. Answer: NO,
A catalog showcasing items at certain prices is NOT an offer.
⩥ What are the elements of a valid contract?. Answer: Agreement,
Consideration, Contractual Capacity, Legality
⩥ Agreement. Answer: Offer + Acceptance
ENVIRONMENT OF BUSINESS UNIVERSITY
OF FLORIDA EXAM SCRIPT 2026 UPDATED
QUESTIONS WITH DETAILED ANSWERS
GRADED A+
⩥ Implied Contract. Answer: A contract formed in whole or in part from
the conduct of the parties.
⩥ Can a contract be assigned?. Answer: Yes, a contract can be assigned,
meaning a party can transfer their rights and/or obligations to a third
party.
⩥ How is posting something for sale on an online auction treated?.
Answer: Posting something on an online auction is treated as an
invitation to make an offer. You are inviting buyers to submit bids.
⩥ Unilateral Contract. Answer: Contract that results when an offer can
be accepted only by the offerree's performance "Promise for an act"
⩥ Bilateral Contract. Answer: Contract that arises when a promise is
given in exchange for a promise. "Promise for Promise"
,⩥ Promissory estoppel is also known as. Answer: Detrimental reliance
⩥ Promissory Estoppel. Answer: a doctrine that applies when a promisor
makes a clear and definite promise on which the promise justifiably
relies. Such promise is binding if justice will be better served by the
enforcement of the promise.
⩥ Past Consideration Rule. Answer: Something given, or some act done
in the past, which cannot ordinarily be consideration for a later bargain.
"Timing Problem"
⩥ Alice saves Bob from drowning; Bob promises to pay Alice $400 for
saving him. Bob's Promise is generally not enforceable. Past
consideration or Pre-existing duty?. Answer: Past consideration
⩥ Pre-existing duty rule. Answer: Party's promise to do something they
are already obligated to do does not constitute valid new consideration
for a new contract or modification. "Duty Problem"
⩥ Police officer obligated to patrol the streets. Someone promises to pay
him $1000 to patrol the streets next week. The promise is not valid
consideration. Past consideration or Pre-existing duty?. Answer: Pre-
existing duty
, ⩥ How does a minor disaffirm a contract?. Answer: A minor can avoid a
contract by clearly expressing an intent not to be bound, either through
words or conduct.
⩥ Items minors can and cannot disaffirm. Answer: - Minors can
disaffirm contracts for non-essential items, including goods, services,
liability waivers, and digital assets.
- Contracts for necessities (food, clothing, shelter, medical care) cannot
be disaffirmed without paying reasonable value
⩥ How does a minor affirm a contract?. Answer: A minor can choose to
honor a contract, either explicitly or by continuing to accept benefits
after reaching the age of majority.
⩥ Offer. Answer: A promise or commitment to perform or refrain from
performing some specified act in the future.
⩥ Is a catalog showcasing items at certain prices an offer?. Answer: NO,
A catalog showcasing items at certain prices is NOT an offer.
⩥ What are the elements of a valid contract?. Answer: Agreement,
Consideration, Contractual Capacity, Legality
⩥ Agreement. Answer: Offer + Acceptance
