BUL 4421 Final, FAU Gendler
1. CHAPTER 13: Introduction to Contracts: CHAPTER 13: Introduction to Contracts
2. Four Elements of a Contract: CLAC: 1. Contractual Capacity
2. Legal Object
3. Agreement (otter, acceptance)
4. Consideration
3. Contract: -A promise or set of legally enforceable promises for the breach of which the law gives a remedy or
the performance of which the law in some way recognizes a duty.
4. Agreement: (Otter & Acceptance)
Otter by Oferror to enter into a contract and acceptance of terms by otteree.
5. Consideration: i. The bargained-for exchange or what each party gets in exchange for his or her promise
under the contract
(The something for something)
6. Contractual capacity: i. The legal ability to enter into a binding agreement
7. Legal Object: subject matter of the contract. Cannot be illegal or against public policy in order to be
enforceable
8. Objective Theory of Contracts is the: basis of contract law
9. Objective Theory of Contracts bases existence on: Outward manifestations of intent
10. Objective Theory of Contracts bases interpretation on: how a reasonable person
would interpret it.
11. of parties is not usually relevant under objective theory of con-
tracts: subjective intent
12. t or f: subjective intent may be relevant under certain circumstances: true
13. subjective intent may be relevant if: a mutual misunderstanding b/t parties exists and they did
not come to a true meetings of minds; no contract exists
14. if there appears a a mutual misunderstanding: look at each party separately, interpret
situation to determine whether parties really reached an agreement
15. in order to determine whether partied intended to enter into a contract,
,courts look at: their objective words and behavior and do not try to figure out what they may have secretly
intending
16. classification of contract determines: when otteree is legally bound to perform
, 17. Bilateral Contract =: A promise + a promise.
-I'll pay you $1000 for you to paint my car.
-(My promise = $1000)
-(Your promise = Paint my car)
-Mutual exchange
18. Under bilateral contract, contract formed: as soon as promise exchanged
19. Unilateral Contract: -a promise + a requested action
-Otterror wants something *done, not a promise* for something to be done.
-ex; find dog and ill pay reward
20. under unilateral contract, contract formed: once otterree begins performance; otteror must
give reasonable amt of time to finish before voiding contract
21. Express Contract: The terms of the contract are all clearly set forth in either written or spoken words.
ex; written agreement by dentist to perform work
22. Implied Contract: Terms arise from conduct of the parties.
ex; dentist pulling tooth implies you will pay
23. 3 conditions required for implied contracts (and recovery): 1- benefits conferred by
plaintitt upon defendant
2- defendant has knowledge of benefit being bestowed on them, and
3- defendant retains benefit under circs which it would be unjust to do so without payment
24. Void Contract: -Not a contract at all; unenforceable
-Either illegal or has some serious defect.
25. Voidable Contract: -One or both of the parties has the ability to either withdraw from the contract or
enforce it.
26. if choosing to terminate a voidable contract, both parties must: return anything
already exchanged under the agreement; restore to conditions before contract
27. contracts can be voided if: -entered into by a minor, fraud, or under duress
-court attempting to protect person believed to have been taken advantage of
28. Lack of Genuine Assent (Defense): -All contract elements are there but one party was forced into
contract through duress, fraud, misrepresentation.
-Acts as defense
29. Contract Lacks Proper Form (Defense): Writing must meet a certain criteria must exist for a
contract to be legally binding.
1. CHAPTER 13: Introduction to Contracts: CHAPTER 13: Introduction to Contracts
2. Four Elements of a Contract: CLAC: 1. Contractual Capacity
2. Legal Object
3. Agreement (otter, acceptance)
4. Consideration
3. Contract: -A promise or set of legally enforceable promises for the breach of which the law gives a remedy or
the performance of which the law in some way recognizes a duty.
4. Agreement: (Otter & Acceptance)
Otter by Oferror to enter into a contract and acceptance of terms by otteree.
5. Consideration: i. The bargained-for exchange or what each party gets in exchange for his or her promise
under the contract
(The something for something)
6. Contractual capacity: i. The legal ability to enter into a binding agreement
7. Legal Object: subject matter of the contract. Cannot be illegal or against public policy in order to be
enforceable
8. Objective Theory of Contracts is the: basis of contract law
9. Objective Theory of Contracts bases existence on: Outward manifestations of intent
10. Objective Theory of Contracts bases interpretation on: how a reasonable person
would interpret it.
11. of parties is not usually relevant under objective theory of con-
tracts: subjective intent
12. t or f: subjective intent may be relevant under certain circumstances: true
13. subjective intent may be relevant if: a mutual misunderstanding b/t parties exists and they did
not come to a true meetings of minds; no contract exists
14. if there appears a a mutual misunderstanding: look at each party separately, interpret
situation to determine whether parties really reached an agreement
15. in order to determine whether partied intended to enter into a contract,
,courts look at: their objective words and behavior and do not try to figure out what they may have secretly
intending
16. classification of contract determines: when otteree is legally bound to perform
, 17. Bilateral Contract =: A promise + a promise.
-I'll pay you $1000 for you to paint my car.
-(My promise = $1000)
-(Your promise = Paint my car)
-Mutual exchange
18. Under bilateral contract, contract formed: as soon as promise exchanged
19. Unilateral Contract: -a promise + a requested action
-Otterror wants something *done, not a promise* for something to be done.
-ex; find dog and ill pay reward
20. under unilateral contract, contract formed: once otterree begins performance; otteror must
give reasonable amt of time to finish before voiding contract
21. Express Contract: The terms of the contract are all clearly set forth in either written or spoken words.
ex; written agreement by dentist to perform work
22. Implied Contract: Terms arise from conduct of the parties.
ex; dentist pulling tooth implies you will pay
23. 3 conditions required for implied contracts (and recovery): 1- benefits conferred by
plaintitt upon defendant
2- defendant has knowledge of benefit being bestowed on them, and
3- defendant retains benefit under circs which it would be unjust to do so without payment
24. Void Contract: -Not a contract at all; unenforceable
-Either illegal or has some serious defect.
25. Voidable Contract: -One or both of the parties has the ability to either withdraw from the contract or
enforce it.
26. if choosing to terminate a voidable contract, both parties must: return anything
already exchanged under the agreement; restore to conditions before contract
27. contracts can be voided if: -entered into by a minor, fraud, or under duress
-court attempting to protect person believed to have been taken advantage of
28. Lack of Genuine Assent (Defense): -All contract elements are there but one party was forced into
contract through duress, fraud, misrepresentation.
-Acts as defense
29. Contract Lacks Proper Form (Defense): Writing must meet a certain criteria must exist for a
contract to be legally binding.
