©BRIGHTSTARS EXAM SOLUTIONS
11/14/2024 12:19 PM
BMGT 380 Exam 2 Questions With Verified
Answers
Contracts - answer✔Legally enforceable set of promises through private law
Contracts Requirements - answer✔Offer
Acceptance
Consideration
Capacity
Legality
Types of Contracts - answer✔Unilateral- 1 party make a promise (punch card)
Bilateral- both parties make a promise (renting a facility)
Valid Contract - answer✔Meets all legal requirements and is enforceable in court
Unenforceable Contract - answer✔Meets basic legality but another law prevents it
Void Contract - answer✔have no obligation because the are illegal
Voidable Contact - answer✔Contract is induced by fraud, or deception and you have the option
to cancel it.
Expressed Contract - answer✔directly state their terms
Implied Contracts - answer✔Supporting materials are implied or understood.
Executed Contract - answer✔all parties have performed
Executory Contract - answer✔Still performing contract.
Sources of Law - answer✔UCC (Uniform Comercial Code Antitrade- Sale of Moveable Goods
Common Law- Everything else. Services.
1|Page
, ©BRIGHTSTARS EXAM SOLUTIONS
11/14/2024 12:19 PM
Obligations Without contract - answer✔Quasi Contract- party has benefitted and knew they
benefited but didnt stop them still pay
Unwritten Rule- not agreement but known
Promissory Estoppel- 1 person relies on someone else promise.
Promissory Estoppel Factors - answer✔1) Need Promise
2) Promisor foresees reliance
3) Promised person relies on the promise
4) injustice results
Offer Parts - answer✔1) Objective indication of present intent (reasonable person thinks its a
contract)
2) Specificity of Terms
3) Communication of Offer
Auctions - answer✔Treated as invitation. Once negotiation is done there is a contract. Sellers
offer people to bid, goes to highest bidder.
Rewards - answer✔Need to have intent during the process.
Ads - answer✔not contract unless there is specificity. only an invitation
Revocation - answer✔offers are revocable before acceptance except for sometimes
Revocation Exceptions - answer✔1) Option- offeror agrees to not sell offer due to down
payment
2) Firm Offer- Sale of goods, gives assurance that offer will be held open
3) Unilateral Contract- can't stop halfway
4) Promissory Estoppel- reliance on promise
Rejection - answer✔Unwilling to accept offer. Time sensitive except:
Death or insanity
Destructive subject matter
Intervening Illegality
2|Page
11/14/2024 12:19 PM
BMGT 380 Exam 2 Questions With Verified
Answers
Contracts - answer✔Legally enforceable set of promises through private law
Contracts Requirements - answer✔Offer
Acceptance
Consideration
Capacity
Legality
Types of Contracts - answer✔Unilateral- 1 party make a promise (punch card)
Bilateral- both parties make a promise (renting a facility)
Valid Contract - answer✔Meets all legal requirements and is enforceable in court
Unenforceable Contract - answer✔Meets basic legality but another law prevents it
Void Contract - answer✔have no obligation because the are illegal
Voidable Contact - answer✔Contract is induced by fraud, or deception and you have the option
to cancel it.
Expressed Contract - answer✔directly state their terms
Implied Contracts - answer✔Supporting materials are implied or understood.
Executed Contract - answer✔all parties have performed
Executory Contract - answer✔Still performing contract.
Sources of Law - answer✔UCC (Uniform Comercial Code Antitrade- Sale of Moveable Goods
Common Law- Everything else. Services.
1|Page
, ©BRIGHTSTARS EXAM SOLUTIONS
11/14/2024 12:19 PM
Obligations Without contract - answer✔Quasi Contract- party has benefitted and knew they
benefited but didnt stop them still pay
Unwritten Rule- not agreement but known
Promissory Estoppel- 1 person relies on someone else promise.
Promissory Estoppel Factors - answer✔1) Need Promise
2) Promisor foresees reliance
3) Promised person relies on the promise
4) injustice results
Offer Parts - answer✔1) Objective indication of present intent (reasonable person thinks its a
contract)
2) Specificity of Terms
3) Communication of Offer
Auctions - answer✔Treated as invitation. Once negotiation is done there is a contract. Sellers
offer people to bid, goes to highest bidder.
Rewards - answer✔Need to have intent during the process.
Ads - answer✔not contract unless there is specificity. only an invitation
Revocation - answer✔offers are revocable before acceptance except for sometimes
Revocation Exceptions - answer✔1) Option- offeror agrees to not sell offer due to down
payment
2) Firm Offer- Sale of goods, gives assurance that offer will be held open
3) Unilateral Contract- can't stop halfway
4) Promissory Estoppel- reliance on promise
Rejection - answer✔Unwilling to accept offer. Time sensitive except:
Death or insanity
Destructive subject matter
Intervening Illegality
2|Page
