BUL3310 FSU Exam 2 (Adkins Spring
2025-2026) Updated Questions and
Answers All Correct.
Contract - Answer a legally enforceable promise or set of promises
Types of Contracts - Answer ○ Bilateral Contract
○ Unilateral Contract
○ Explicit Contract
○ Implied Contract
Bilateral Contract - Answer mutual promises made by parties to each other (the main
category of contracts)
Unilateral Contract - Answer promise made by one party
Explicit Contract - Answer terms are explicitly defined--either oral or written
Implied Contract - Answer lacks explicit terms, are implied by behavior or social custom
Statute of Frauds - Answer A state statute under which certain types of contracts must be in
writing to be enforceable.
In which cases is the Statute of Frauds required? - Answer - under common law:
§ Real estate
§ Payment of another's debt
§ Services that cannot be performed within 1 year
- under UCC:
§ required for the sale of goods > $500
Requirements for a Valid Contract - Answer 1. Mutual Assent
, Mutual Assent (Requirements for a Valid Contract) - Answer parties must indicate through
words or behavior that they willingly agree to enter into a contract
○ Offer (promise to do something) + Acceptance (Offeree's agreement) = Meeting of the Minds
Acceptance - Answer Offeree's expression of agreement to the terms of the offer.
• Written, oral, or action or conduct.
When is acceptance in mutual assent effective? - Answer • Deadlines set in offer
• Mailbox Rule
• Specific Method set in the Offer
What are the requirements for a valid offer in regards to Mutual Assent in a contract? - Answer
the offer must have objective intent (a reasonable person would see intent)
What are the exceptions for a valid offer in regards to Mutual Assent in a contract? - Answer
○ Advertisements (invitation to make an offer)
- precise, unilateral advertisements are not an exception
How can an offer in regards to Mutual Assent in a contract be Terminated? - Answer 1. By
action (revocation, rejection, counteroffer by the offeree)
2. Operation of Law (time, death, incapacity, destruction, supervening illegality)
Consideration (Requirements for a Valid Contract) - Answer requires both sides to obtain
something of value (legal benefit) and to give up something of value (legal detriment)
○ mutual exchange of value
○ forbearance - valuable consideration must be a legal right
Which Agreements Lack Consideration? - Answer ○ Preexisting Duty
○ Illusory Promises
○ Past Consideration
○ Promissory Estoppel
Statuses of Contracts - Answer ○ Valid
2025-2026) Updated Questions and
Answers All Correct.
Contract - Answer a legally enforceable promise or set of promises
Types of Contracts - Answer ○ Bilateral Contract
○ Unilateral Contract
○ Explicit Contract
○ Implied Contract
Bilateral Contract - Answer mutual promises made by parties to each other (the main
category of contracts)
Unilateral Contract - Answer promise made by one party
Explicit Contract - Answer terms are explicitly defined--either oral or written
Implied Contract - Answer lacks explicit terms, are implied by behavior or social custom
Statute of Frauds - Answer A state statute under which certain types of contracts must be in
writing to be enforceable.
In which cases is the Statute of Frauds required? - Answer - under common law:
§ Real estate
§ Payment of another's debt
§ Services that cannot be performed within 1 year
- under UCC:
§ required for the sale of goods > $500
Requirements for a Valid Contract - Answer 1. Mutual Assent
, Mutual Assent (Requirements for a Valid Contract) - Answer parties must indicate through
words or behavior that they willingly agree to enter into a contract
○ Offer (promise to do something) + Acceptance (Offeree's agreement) = Meeting of the Minds
Acceptance - Answer Offeree's expression of agreement to the terms of the offer.
• Written, oral, or action or conduct.
When is acceptance in mutual assent effective? - Answer • Deadlines set in offer
• Mailbox Rule
• Specific Method set in the Offer
What are the requirements for a valid offer in regards to Mutual Assent in a contract? - Answer
the offer must have objective intent (a reasonable person would see intent)
What are the exceptions for a valid offer in regards to Mutual Assent in a contract? - Answer
○ Advertisements (invitation to make an offer)
- precise, unilateral advertisements are not an exception
How can an offer in regards to Mutual Assent in a contract be Terminated? - Answer 1. By
action (revocation, rejection, counteroffer by the offeree)
2. Operation of Law (time, death, incapacity, destruction, supervening illegality)
Consideration (Requirements for a Valid Contract) - Answer requires both sides to obtain
something of value (legal benefit) and to give up something of value (legal detriment)
○ mutual exchange of value
○ forbearance - valuable consideration must be a legal right
Which Agreements Lack Consideration? - Answer ○ Preexisting Duty
○ Illusory Promises
○ Past Consideration
○ Promissory Estoppel
Statuses of Contracts - Answer ○ Valid
