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BUL 4421 Final - FAU Gendler /
Strategies Review of Key Quizzes &
Correct Answers.
Qs: CHAPTER 13: Introduction to Contracts -
Answer:
CHAPTER 13: Introduction to Contracts
Qs: Four Elements of a Contract: CLAC -
Answer:
1. Contractual Capacity
2. Legal Object
3. Agreement (offer, acceptance)
4. Consideration
Qs: Contract -
Answer:
-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.
Qs: Agreement -
Answer:
(Offer & Acceptance)
Offer by Oferror to enter into a contract and acceptance of terms by offeree.
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Qs: Consideration -
Answer:
i. The bargained-for exchange or what each party gets in exchange for his or
her promise under the contract
(The something for something)
Qs: Contractual capacity -
Answer:
i. The legal ability to enter into a binding agreement
Qs: Legal Object -
Answer:
subject matter of the contract. Cannot be illegal or against public policy in
order to be enforceable
Qs: Objective Theory of Contracts is the -
Answer:
basis of contract law
Qs: Objective Theory of Contracts bases existence on -
Answer:
Outward manifestations of intent
Qs: Objective Theory of Contracts bases interpretation on -
Answer:
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how a reasonable person would interpret it.
Qs: ________ of parties is not usually relevant under objective theory of
contracts -
Answer:
subjective intent
Qs: t or f: subjective intent may be relevant under certain circumstances -
Answer:
true
Qs: subjective intent may be relevant if -
Answer:
a mutual misunderstanding b/t parties exists and they did not come to a true
meetings of minds; no contract exists
Qs: if there appears a a mutual misunderstanding -
Answer:
look at each party separately, interpret situation to determine whether
parties really reached an agreement
Qs: in order to determine whether partied intended to enter into a contract,
courts look at -
Answer:
their objective words and behavior and do not try to figure out what they
may have secretly intending
Qs: classification of contract determines -
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Answer:
when offeree is legally bound to perform
Qs: Bilateral Contract = -
Answer:
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
Qs: Under bilateral contract, contract formed -
Answer:
as soon as promise exchanged
Qs: Unilateral Contract -
Answer:
-a promise + a requested action
-Offerror wants something *done, not a promise* for something to be done.
-ex; find dog and ill pay reward
Qs: under unilateral contract, contract formed -
Answer:
once offerree begins performance; offeror must give reasonable amt of time
to finish before voiding contract
Qs: Express Contract -
BUL 4421 Final - FAU Gendler /
Strategies Review of Key Quizzes &
Correct Answers.
Qs: CHAPTER 13: Introduction to Contracts -
Answer:
CHAPTER 13: Introduction to Contracts
Qs: Four Elements of a Contract: CLAC -
Answer:
1. Contractual Capacity
2. Legal Object
3. Agreement (offer, acceptance)
4. Consideration
Qs: Contract -
Answer:
-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.
Qs: Agreement -
Answer:
(Offer & Acceptance)
Offer by Oferror to enter into a contract and acceptance of terms by offeree.
,2 | Page
Qs: Consideration -
Answer:
i. The bargained-for exchange or what each party gets in exchange for his or
her promise under the contract
(The something for something)
Qs: Contractual capacity -
Answer:
i. The legal ability to enter into a binding agreement
Qs: Legal Object -
Answer:
subject matter of the contract. Cannot be illegal or against public policy in
order to be enforceable
Qs: Objective Theory of Contracts is the -
Answer:
basis of contract law
Qs: Objective Theory of Contracts bases existence on -
Answer:
Outward manifestations of intent
Qs: Objective Theory of Contracts bases interpretation on -
Answer:
,3 | Page
how a reasonable person would interpret it.
Qs: ________ of parties is not usually relevant under objective theory of
contracts -
Answer:
subjective intent
Qs: t or f: subjective intent may be relevant under certain circumstances -
Answer:
true
Qs: subjective intent may be relevant if -
Answer:
a mutual misunderstanding b/t parties exists and they did not come to a true
meetings of minds; no contract exists
Qs: if there appears a a mutual misunderstanding -
Answer:
look at each party separately, interpret situation to determine whether
parties really reached an agreement
Qs: in order to determine whether partied intended to enter into a contract,
courts look at -
Answer:
their objective words and behavior and do not try to figure out what they
may have secretly intending
Qs: classification of contract determines -
, 4 | Page
Answer:
when offeree is legally bound to perform
Qs: Bilateral Contract = -
Answer:
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
Qs: Under bilateral contract, contract formed -
Answer:
as soon as promise exchanged
Qs: Unilateral Contract -
Answer:
-a promise + a requested action
-Offerror wants something *done, not a promise* for something to be done.
-ex; find dog and ill pay reward
Qs: under unilateral contract, contract formed -
Answer:
once offerree begins performance; offeror must give reasonable amt of time
to finish before voiding contract
Qs: Express Contract -
