BUL 4310 EXAM 2 COMPREHENSIVE EXAM QUESTIONS
WITH DETAILED VERIFIED AND 100% ACCURATE
ANSWERS BRAND NEW EXAM ALREADY GRADED (A+
PASS)
Accord and Satisfaction Ans✓✓✓ Situation in which a debtor buys his
way out of an original debt usually for a lesser amount. (An accord is a
new agreement that replaces the original debt, and satisfaction is the
fulfillment of the original debt).
An agreement to pay less than amount owed is usually unenforceable
due to the pre-existing duty rule. However, when there's an honest
dispute over the amount owed, an accord provides new consideration in
the form of certainty and is thus an enforceable contract.
Ex: Roy owes Tom $600, but realizes he isn't able to pay. Roy and Tom
agree that if Roy water's Tom's trees every month, they'll call it even.
Roy's watering is satisfaction, and Tom's new agreement with Roy is
accord.
pg: 318, Q: 8
Satisfaction Ans✓✓✓ Look at Accord and Satisfaction
Rule of Law Ans✓✓✓ Premised on the notion that one shouldn't have to
depend on the kindness of individuals/businesses because there's a set of
rules that govern regardless who leads
,Course of Conduct Ans✓✓✓ This is used when a judge examines the
relationship between interactions of parties to a contract to glean their
intent.
Illusory Promise Ans✓✓✓ promise that in fact does not impose any
obligation on the promisor. They are indefinite, vague, or unidentifiable.
(nudum pactum)
Ex: You will receive all that I wish to provide, to be paid if we can
afford it
Ex: A promise to give employees a good bonus if we make a bundle this
year.
pg: 243-244
Nudum Pactum Ans✓✓✓ Look at illusory promise
Tort Ans✓✓✓ non-contractual claims for which a civil defendant may
be held liable such as negligence, fraud, battery, invasion of privacy, etc.
pg: 179
Crime Ans✓✓✓ Public wrongs for which a defendant may be punished
via fines and imprisonment.
Ex: Embezzlement, robbery, certain fraud, and arson
,pg: 179
Contract Ans✓✓✓ type of private (consensual) law made by the parties
themselves. It is a legal enforceable agreement by court. In breach, the
non-breaching party generally gets restored like there was no breach.
(Must have consideration)
Elements include:
1. Offer
2. Acceptance
3. Consideration
4. Capacity
5. Mutuality of Assent
6. Legality of Purpose
Contracts don't have to be written, but it's good because:
1. Writing process helps clarify terms hence makes contracts better
2. Written document serves as evidence there was a contract, that parties
agreed, and written evidence remains existent
Drafting your own document:
Advantage: use your own language and have a lot of control
Disadvantage: Ambiguity in contract usually is resolved in favor of
party that didn't draft the agreement
, Should include essential terms: subject matter, quantity (amount of
property or service), price, and parties.
pg: 180, 185, 186, 189
Legal Clout Ans✓✓✓ When a party uses a contract to ensure the other
party will not back out. Contracts are useful when ethics alone aren't
enough to guarantee a party will complete the contract.
Ex: Abe knows Jean's ethics aren't influential enough for her to complete
her job, so he makes her sign a contract
pg: 184
Contract Law Ans✓✓✓ Two principles associated with an economic
approach to contract law are:
1. respect for individual autonomy
2. maintaining or attaining a stable legal system
Reduces transaction costs in at least 3 ways
1. Encourages the performance of voluntary agreements by providing a
sanction for breach
2. Reduces negotiation costs by providing standard or customary terms
for various types of transactions
3. Discourages misleading conduct in contract negotiations
WITH DETAILED VERIFIED AND 100% ACCURATE
ANSWERS BRAND NEW EXAM ALREADY GRADED (A+
PASS)
Accord and Satisfaction Ans✓✓✓ Situation in which a debtor buys his
way out of an original debt usually for a lesser amount. (An accord is a
new agreement that replaces the original debt, and satisfaction is the
fulfillment of the original debt).
An agreement to pay less than amount owed is usually unenforceable
due to the pre-existing duty rule. However, when there's an honest
dispute over the amount owed, an accord provides new consideration in
the form of certainty and is thus an enforceable contract.
Ex: Roy owes Tom $600, but realizes he isn't able to pay. Roy and Tom
agree that if Roy water's Tom's trees every month, they'll call it even.
Roy's watering is satisfaction, and Tom's new agreement with Roy is
accord.
pg: 318, Q: 8
Satisfaction Ans✓✓✓ Look at Accord and Satisfaction
Rule of Law Ans✓✓✓ Premised on the notion that one shouldn't have to
depend on the kindness of individuals/businesses because there's a set of
rules that govern regardless who leads
,Course of Conduct Ans✓✓✓ This is used when a judge examines the
relationship between interactions of parties to a contract to glean their
intent.
Illusory Promise Ans✓✓✓ promise that in fact does not impose any
obligation on the promisor. They are indefinite, vague, or unidentifiable.
(nudum pactum)
Ex: You will receive all that I wish to provide, to be paid if we can
afford it
Ex: A promise to give employees a good bonus if we make a bundle this
year.
pg: 243-244
Nudum Pactum Ans✓✓✓ Look at illusory promise
Tort Ans✓✓✓ non-contractual claims for which a civil defendant may
be held liable such as negligence, fraud, battery, invasion of privacy, etc.
pg: 179
Crime Ans✓✓✓ Public wrongs for which a defendant may be punished
via fines and imprisonment.
Ex: Embezzlement, robbery, certain fraud, and arson
,pg: 179
Contract Ans✓✓✓ type of private (consensual) law made by the parties
themselves. It is a legal enforceable agreement by court. In breach, the
non-breaching party generally gets restored like there was no breach.
(Must have consideration)
Elements include:
1. Offer
2. Acceptance
3. Consideration
4. Capacity
5. Mutuality of Assent
6. Legality of Purpose
Contracts don't have to be written, but it's good because:
1. Writing process helps clarify terms hence makes contracts better
2. Written document serves as evidence there was a contract, that parties
agreed, and written evidence remains existent
Drafting your own document:
Advantage: use your own language and have a lot of control
Disadvantage: Ambiguity in contract usually is resolved in favor of
party that didn't draft the agreement
, Should include essential terms: subject matter, quantity (amount of
property or service), price, and parties.
pg: 180, 185, 186, 189
Legal Clout Ans✓✓✓ When a party uses a contract to ensure the other
party will not back out. Contracts are useful when ethics alone aren't
enough to guarantee a party will complete the contract.
Ex: Abe knows Jean's ethics aren't influential enough for her to complete
her job, so he makes her sign a contract
pg: 184
Contract Law Ans✓✓✓ Two principles associated with an economic
approach to contract law are:
1. respect for individual autonomy
2. maintaining or attaining a stable legal system
Reduces transaction costs in at least 3 ways
1. Encourages the performance of voluntary agreements by providing a
sanction for breach
2. Reduces negotiation costs by providing standard or customary terms
for various types of transactions
3. Discourages misleading conduct in contract negotiations
