BULE Exam 3 questions well
answered already passed
objective theory of contracts - correct answer ✔✔A theory under which the intent to form a
contract will be judged by outward, objective facts (what the party said when entering into the
contract, how the party acted or appeared, and the circumstances surrounding the transaction)
as interpreted by a reasonable person, rather than by the party's own secret, subjective
intentions.
Elements of a Contract - correct answer ✔✔agreement, consideration, capacity, legality
defense to enforcability of contract - correct answer ✔✔voluntary consent, form
Bilateral Contract - correct answer ✔✔promise for a promise
Unilateral Contract - correct answer ✔✔promise in exchange for an act
Revocation of Offers for Unilateral Contracts - correct answer ✔✔Offeror cannot revoke
promise once performance has begun, for a reasonable time period.
Express Contract - correct answer ✔✔A contract in which the terms of the agreement are fully
and explicitly stated in words, oral or written.
Implied Contract - correct answer ✔✔A contract formed in whole or in part from the conduct of
the parties.
, Executed Contract - correct answer ✔✔A contract that has been completely performed by both
parties.
executory contract - correct answer ✔✔A contract that has not yet been fully performed.
Valid Contract - correct answer ✔✔a contract which will be enforced by the court
Voidable Contract - correct answer ✔✔A contract that may be legally avoided at the option of
one or both of the parties.
Void Contract - correct answer ✔✔A contract having no legal force or binding effect.
Unenforceable Contract - correct answer ✔✔A valid contract rendered unenforceable by some
statute or law.
Statute of Frauds - correct answer ✔✔A state statute under which certain types of contracts
must be in writing to be enforceable.
MY LEGS - correct answer ✔✔Statue of Frauds
Marriage
> 1 Year
Land
Executors (to pay estate debt out of personal funds)
Goods > $500
Surety (pay the debt of another person)
answered already passed
objective theory of contracts - correct answer ✔✔A theory under which the intent to form a
contract will be judged by outward, objective facts (what the party said when entering into the
contract, how the party acted or appeared, and the circumstances surrounding the transaction)
as interpreted by a reasonable person, rather than by the party's own secret, subjective
intentions.
Elements of a Contract - correct answer ✔✔agreement, consideration, capacity, legality
defense to enforcability of contract - correct answer ✔✔voluntary consent, form
Bilateral Contract - correct answer ✔✔promise for a promise
Unilateral Contract - correct answer ✔✔promise in exchange for an act
Revocation of Offers for Unilateral Contracts - correct answer ✔✔Offeror cannot revoke
promise once performance has begun, for a reasonable time period.
Express Contract - correct answer ✔✔A contract in which the terms of the agreement are fully
and explicitly stated in words, oral or written.
Implied Contract - correct answer ✔✔A contract formed in whole or in part from the conduct of
the parties.
, Executed Contract - correct answer ✔✔A contract that has been completely performed by both
parties.
executory contract - correct answer ✔✔A contract that has not yet been fully performed.
Valid Contract - correct answer ✔✔a contract which will be enforced by the court
Voidable Contract - correct answer ✔✔A contract that may be legally avoided at the option of
one or both of the parties.
Void Contract - correct answer ✔✔A contract having no legal force or binding effect.
Unenforceable Contract - correct answer ✔✔A valid contract rendered unenforceable by some
statute or law.
Statute of Frauds - correct answer ✔✔A state statute under which certain types of contracts
must be in writing to be enforceable.
MY LEGS - correct answer ✔✔Statue of Frauds
Marriage
> 1 Year
Land
Executors (to pay estate debt out of personal funds)
Goods > $500
Surety (pay the debt of another person)
