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BUSFIN 3500 FINAL EXAM NEWEST 2025 ACTUAL EXAM COMPLETE 200 QUESTIONS AND CORRECT
ANSWERS
Contract - (answer) promise or set of promises for the breach of which the law gives a remedy or the
performance of which the law in some way recognizes a duty
Contract Law falls under what jurisdiction - (answer) State
Elements of a Contract - (answer) Agreement
Consideration
Legal Capacity
Legal Object
Agreement - (answer) consists of an offer by one party to enter into a contract an acceptance of the
terms by the other party
Consideration - (answer) the bargained-for exchange for his or her promise under the contract
Contractual Capacity - (answer) legal ability to enter into a binding agreement
Legal Object - (answer) to be enforceable, contract cannot be illegal or against public policy
Objective Theory of Contracts - (answer) In determining whether parties intended to enter into a
contract, courts look at their objective words and behavior, no secret intentions
Sources of Contract Law - (answer) Case Law (Common Law)
Uniform Commercial Code (UCC)
Convention on Contracts for International Sales of Goods (CISG)
Requirements of Enforceable Contract - (answer) -Needs the 4 essential elements
-Legal assent; each party must have freely entered through proper means
-Proper form; some contracts that lack a writing are not enforceable
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BUSFIN 3500 FINAL EXAM NEWEST 2025 ACTUAL EXAM COMPLETE 200 QUESTIONS AND CORRECT
ANSWERS
Bilateral Contract - (answer) if the offeror wants a promise from the offeree to form a binding contract.
Promise for promise
Unilateral Contract - (answer) offeror wants the offeree to do something, most common is a reward
Express Contract - (answer) Are all clearly set forth in either written or spoken words
Implied Contract - (answer) Arise from the conduct of the parties. Needs 3 conditions:
-Plaintiff provided some property or service to the defendant
-Plaintiff expected to be paid for such property or service
-Defendant had an opportunity to reject the property or service but did not
Formal Contracts - (answer) have a special form or must be created in a specific manner. 4 types:
-Contracts under seal
-Recognizances
-Letters of Credit
-Negotiable Instruments
Informal (Simple) Contract - (answer) no formalities are required in making,
Plain-Meaning Rule - (answer) States that if a writing, or a term in question appears to be plain and
unambiguous on its face, we determine its meaning from exactly what is stated
Elements of the Offer: - (answer) -Intent
-Definite and Certain Terms
-Communication to the Offeree
Termination of the Offer (5 ways) - (answer) -Revocation by the offeror
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BUSFIN 3500 FINAL EXAM NEWEST 2025 ACTUAL EXAM COMPLETE 200 QUESTIONS AND CORRECT
ANSWERS
-Rejection or counteroffer by the offeree
-Death or incapacity of the offeror
-Destruction of subsequent illegality of the subject matter of the offer
-Lapse of time or failure of other conditions stated
Revocation Exceptions - (answer) -Option Contract: in exchange for a piece of consideration, the offeror
will hold the offer open for a period of time (real estate)
-Detrimental Reliance: If the offeree had reasonably relied on the promise to hold the offer open and
took action in reliance on that
The Acceptance - (answer) Requirements match the offer requirements
Silence as a form of Acceptance? - (answer) Cannot be used UNLESS:
-previous behavior would indicate it acceptable
-Receiving benefits with a reasonable amount of time to deny such benefits
Mirror-Image Rule: - (answer) States that the terms of the acceptance must mirror the terms of the
offer. If they dont, no contract is formed
Mailbox Rule: - (answer) provides that an acceptance is valid when the offeree places it in the mailbox,
whereas a revocation is effective only when the offeree receives it. Not applicable if there instantaneous
communication
Effect of an Acceptance after a Rejection: - (answer) rejection is not effective until received, if you mail
rejection and someone else accepts beforehand,a valid contract exists
Exceptions to the rules of Consideration: - (answer) Promissory Estoppel which occurs when 3
conditions are met:
-One party makes a promise and either knows or should know that the other party will reasonably rely
on it
-Other party does reasonably rely on the promise
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BUSFIN 3500 FINAL EXAM NEWEST 2025 ACTUAL EXAM COMPLETE 200 QUESTIONS AND CORRECT
ANSWERS
Contract - (answer) promise or set of promises for the breach of which the law gives a remedy or the
performance of which the law in some way recognizes a duty
Contract Law falls under what jurisdiction - (answer) State
Elements of a Contract - (answer) Agreement
Consideration
Legal Capacity
Legal Object
Agreement - (answer) consists of an offer by one party to enter into a contract an acceptance of the
terms by the other party
Consideration - (answer) the bargained-for exchange for his or her promise under the contract
Contractual Capacity - (answer) legal ability to enter into a binding agreement
Legal Object - (answer) to be enforceable, contract cannot be illegal or against public policy
Objective Theory of Contracts - (answer) In determining whether parties intended to enter into a
contract, courts look at their objective words and behavior, no secret intentions
Sources of Contract Law - (answer) Case Law (Common Law)
Uniform Commercial Code (UCC)
Convention on Contracts for International Sales of Goods (CISG)
Requirements of Enforceable Contract - (answer) -Needs the 4 essential elements
-Legal assent; each party must have freely entered through proper means
-Proper form; some contracts that lack a writing are not enforceable
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BUSFIN 3500 FINAL EXAM NEWEST 2025 ACTUAL EXAM COMPLETE 200 QUESTIONS AND CORRECT
ANSWERS
Bilateral Contract - (answer) if the offeror wants a promise from the offeree to form a binding contract.
Promise for promise
Unilateral Contract - (answer) offeror wants the offeree to do something, most common is a reward
Express Contract - (answer) Are all clearly set forth in either written or spoken words
Implied Contract - (answer) Arise from the conduct of the parties. Needs 3 conditions:
-Plaintiff provided some property or service to the defendant
-Plaintiff expected to be paid for such property or service
-Defendant had an opportunity to reject the property or service but did not
Formal Contracts - (answer) have a special form or must be created in a specific manner. 4 types:
-Contracts under seal
-Recognizances
-Letters of Credit
-Negotiable Instruments
Informal (Simple) Contract - (answer) no formalities are required in making,
Plain-Meaning Rule - (answer) States that if a writing, or a term in question appears to be plain and
unambiguous on its face, we determine its meaning from exactly what is stated
Elements of the Offer: - (answer) -Intent
-Definite and Certain Terms
-Communication to the Offeree
Termination of the Offer (5 ways) - (answer) -Revocation by the offeror
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BUSFIN 3500 FINAL EXAM NEWEST 2025 ACTUAL EXAM COMPLETE 200 QUESTIONS AND CORRECT
ANSWERS
-Rejection or counteroffer by the offeree
-Death or incapacity of the offeror
-Destruction of subsequent illegality of the subject matter of the offer
-Lapse of time or failure of other conditions stated
Revocation Exceptions - (answer) -Option Contract: in exchange for a piece of consideration, the offeror
will hold the offer open for a period of time (real estate)
-Detrimental Reliance: If the offeree had reasonably relied on the promise to hold the offer open and
took action in reliance on that
The Acceptance - (answer) Requirements match the offer requirements
Silence as a form of Acceptance? - (answer) Cannot be used UNLESS:
-previous behavior would indicate it acceptable
-Receiving benefits with a reasonable amount of time to deny such benefits
Mirror-Image Rule: - (answer) States that the terms of the acceptance must mirror the terms of the
offer. If they dont, no contract is formed
Mailbox Rule: - (answer) provides that an acceptance is valid when the offeree places it in the mailbox,
whereas a revocation is effective only when the offeree receives it. Not applicable if there instantaneous
communication
Effect of an Acceptance after a Rejection: - (answer) rejection is not effective until received, if you mail
rejection and someone else accepts beforehand,a valid contract exists
Exceptions to the rules of Consideration: - (answer) Promissory Estoppel which occurs when 3
conditions are met:
-One party makes a promise and either knows or should know that the other party will reasonably rely
on it
-Other party does reasonably rely on the promise
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