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BLAW 3391 Final Exam – Contracts, Consideration,
Capacity, Legality, Fraud, and Remedies | Verified
Questions
This final exam study guide provides verified and updated questions and answers for BLAW
3391. It covers contract law fundamentals including agreement, consideration, capacity,
legality, voidable contracts, and enforceability. Topics also include fraud, misrepresentation,
undue influence, duress, the Statute of Frauds, parol evidence rule, and conditions
precedent and subsequent. Additional focus is given to performance, discharge, remedies,
and specialized contracts such as covenants not to compete and e-contracts. This document
is a complete and accurate resource for mastering business law exams.
Four requirements for a valid contract - answer✔✔agreement, consideration,
capacity, and legality Agreement - answer✔✔offer and acceptance, meeting of
minds Consideration - answer✔✔money, something of value or a promise
Contractual Capacity - answer✔✔Both parties entering into the contract must have
the contractual capacity to do so. The law must recognize them as possessing
characteristics that qualify them as competent parties. Legality - answer✔✔The
contract's purpose must be to accomplish some goal that is legal and not against public
policy. Bilateral contracts - answer✔✔A type of contract that arises when a promise
is given in exchange for a return promise. Unilateral Contract - answer✔✔A type of
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contract that results when an offer can be accepted only by the offeree's performance.
Formal Contract - answer✔✔An agreement that by law requires a specific form for
its validity Informal Contract - answer✔✔A contract that does not require a
specified form or formality in order to be valid. Void Contract - answer✔✔A
contract having no legal or binding effect Voidable Contract - answer✔✔A contract
that may be legally avoided at the option of one or both of the parties Unenforceable
Contract - answer✔✔A valid contract rendered unenforceable by some statute or
law. Ambiguity - answer✔✔When a court considers a contract to be unclear,
suspect to more than one meaning Four Corners Rule - answer✔✔1) Intent cannot be
determined 2)lacks provision on a disputed issue 3) Term is susceptible to more than
one interpretation 4) uncertainty about a provision Extrinsic Evidence -
answer✔✔Any evidence not contained in the contract itself Requirements of an
Offer - answer✔✔Intent, reasonably certain terms, and communication Intent -
answer✔✔Must be serious. Is what a reasonable person in the offers position would
conclude that the offeror meant Reasonably Certain Terms - answer✔✔when terms
are enforceable, it is clear that the parties intended to be bound by the agreement
Communication - answer✔✔the offer must be communicated to the offeree. One
cannot agree without knowledge Revocation - answer✔✔The withdrawal of a
contract offer by the offeror. Unless an offer is irrevocable, it can be revoked at any
time prior to acceptance without liability. Counteroffer - answer✔✔An offeree's
response to an offer in which the offeree rejects the original offer and at the same
BLAW 3391 Final Exam – Contracts, Consideration,
Capacity, Legality, Fraud, and Remedies | Verified
Questions
This final exam study guide provides verified and updated questions and answers for BLAW
3391. It covers contract law fundamentals including agreement, consideration, capacity,
legality, voidable contracts, and enforceability. Topics also include fraud, misrepresentation,
undue influence, duress, the Statute of Frauds, parol evidence rule, and conditions
precedent and subsequent. Additional focus is given to performance, discharge, remedies,
and specialized contracts such as covenants not to compete and e-contracts. This document
is a complete and accurate resource for mastering business law exams.
Four requirements for a valid contract - answer✔✔agreement, consideration,
capacity, and legality Agreement - answer✔✔offer and acceptance, meeting of
minds Consideration - answer✔✔money, something of value or a promise
Contractual Capacity - answer✔✔Both parties entering into the contract must have
the contractual capacity to do so. The law must recognize them as possessing
characteristics that qualify them as competent parties. Legality - answer✔✔The
contract's purpose must be to accomplish some goal that is legal and not against public
policy. Bilateral contracts - answer✔✔A type of contract that arises when a promise
is given in exchange for a return promise. Unilateral Contract - answer✔✔A type of
, - 2 -:
contract that results when an offer can be accepted only by the offeree's performance.
Formal Contract - answer✔✔An agreement that by law requires a specific form for
its validity Informal Contract - answer✔✔A contract that does not require a
specified form or formality in order to be valid. Void Contract - answer✔✔A
contract having no legal or binding effect Voidable Contract - answer✔✔A contract
that may be legally avoided at the option of one or both of the parties Unenforceable
Contract - answer✔✔A valid contract rendered unenforceable by some statute or
law. Ambiguity - answer✔✔When a court considers a contract to be unclear,
suspect to more than one meaning Four Corners Rule - answer✔✔1) Intent cannot be
determined 2)lacks provision on a disputed issue 3) Term is susceptible to more than
one interpretation 4) uncertainty about a provision Extrinsic Evidence -
answer✔✔Any evidence not contained in the contract itself Requirements of an
Offer - answer✔✔Intent, reasonably certain terms, and communication Intent -
answer✔✔Must be serious. Is what a reasonable person in the offers position would
conclude that the offeror meant Reasonably Certain Terms - answer✔✔when terms
are enforceable, it is clear that the parties intended to be bound by the agreement
Communication - answer✔✔the offer must be communicated to the offeree. One
cannot agree without knowledge Revocation - answer✔✔The withdrawal of a
contract offer by the offeror. Unless an offer is irrevocable, it can be revoked at any
time prior to acceptance without liability. Counteroffer - answer✔✔An offeree's
response to an offer in which the offeree rejects the original offer and at the same
