BUL 3320 Test 2 Questions and
Answers
mirror image rule - ANSWER-for an acceptance to exist, the offeree must accept the
terms as stated in the offer
preexisting duty - ANSWER-something a person is already under an obligation to do
invalid promise - ANSWER-lacks consideration if a person promises to to perform a
preexisting duty
special business contracts - ANSWER-greater-than-usual degree of uncertainty in
determining considering
output contract - ANSWER-a contract in which a seller agrees to sell all of its
production to a single buyer
requirements contract - ANSWER-a contract in which a buyer agrees to purchase all
its requirements for an item from one seller
best-efforts contract - ANSWER-a contract which contains a clause that requires one
or both of the parties to use their "best efforts" to achieve the objective of the
contract
promissory estoppel - ANSWER-an equitable doctrine that prevents the withdrawal
of a promise by a promisor if it will adversely affect a promisee who has adjusted
their position in justifiable reliance on the promisee
gratuitous/gift promise - ANSWER-a promise that is unenforceable because it lacks
real consideration
consideration/forbearance - ANSWER-something of legal value give in exchange for
a promise
revenue raising licensing statute - ANSWER-a licensing statute with the primary
purpose of raising revenue for the government
regulatory licensing statute - ANSWER-a licensing statute enacted to protect the
public
exculpatory clause - ANSWER-a contractual provision that relieves one (or both) of
the parties to a contract from tort liability for ordinary negligence
necessaries-quasi contract - ANSWER-equitable doctrine upon which sellers may
recover for the value of their side of a transaction
Answers
mirror image rule - ANSWER-for an acceptance to exist, the offeree must accept the
terms as stated in the offer
preexisting duty - ANSWER-something a person is already under an obligation to do
invalid promise - ANSWER-lacks consideration if a person promises to to perform a
preexisting duty
special business contracts - ANSWER-greater-than-usual degree of uncertainty in
determining considering
output contract - ANSWER-a contract in which a seller agrees to sell all of its
production to a single buyer
requirements contract - ANSWER-a contract in which a buyer agrees to purchase all
its requirements for an item from one seller
best-efforts contract - ANSWER-a contract which contains a clause that requires one
or both of the parties to use their "best efforts" to achieve the objective of the
contract
promissory estoppel - ANSWER-an equitable doctrine that prevents the withdrawal
of a promise by a promisor if it will adversely affect a promisee who has adjusted
their position in justifiable reliance on the promisee
gratuitous/gift promise - ANSWER-a promise that is unenforceable because it lacks
real consideration
consideration/forbearance - ANSWER-something of legal value give in exchange for
a promise
revenue raising licensing statute - ANSWER-a licensing statute with the primary
purpose of raising revenue for the government
regulatory licensing statute - ANSWER-a licensing statute enacted to protect the
public
exculpatory clause - ANSWER-a contractual provision that relieves one (or both) of
the parties to a contract from tort liability for ordinary negligence
necessaries-quasi contract - ANSWER-equitable doctrine upon which sellers may
recover for the value of their side of a transaction
