BUL 4421 Final - FAU Gendler exam questions with answers

BUL 4421 Final - FAU Gendler exam
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questions with answers |\ |\




CHAPTER 13: Introduction to Contracts |\ |\ |\ |\




Four Elements of a Contract: CLAC - CORRECT ANSWERS ✔✔1.
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Contractual Capacity |\




2. Legal Object
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3. Agreement (offer, acceptance)
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4. Consideration
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Contract - CORRECT ANSWERS ✔✔-A promise or set of legally
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enforceable promises for the breach of which the law gives a
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remedy or the performance of which the law in some way
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recognizes a duty. |\ |\




Agreement - CORRECT ANSWERS ✔✔(Offer & Acceptance)
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Offer by Oferror to enter into a contract and acceptance of terms
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by offeree.
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Consideration - CORRECT ANSWERS ✔✔i. The bargained-for |\ |\ |\ |\ |\ |\ |\


exchange or what each party gets in exchange for his or her
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promise under the contract |\ |\ |\

,(The something for something)
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Contractual capacity - CORRECT ANSWERS ✔✔i. The legal ability |\ |\ |\ |\ |\ |\ |\ |\ |\


to enter into a binding agreement
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Legal Object - CORRECT ANSWERS ✔✔subject matter of the
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contract. Cannot be illegal or against public policy in order to be
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enforceable


Objective Theory of Contracts is the - CORRECT ANSWERS
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✔✔basis of contract law |\ |\ |\




Objective Theory of Contracts bases existence on - CORRECT
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ANSWERS ✔✔Outward manifestations of intent |\ |\ |\ |\




Objective Theory of Contracts bases interpretation on - CORRECT
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ANSWERS ✔✔how a reasonable person would interpret it.
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________ of parties is not usually relevant under objective theory
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of contracts - CORRECT ANSWERS ✔✔subjective intent
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t or f: subjective intent may be relevant under certain
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circumstances - CORRECT ANSWERS ✔✔true |\ |\ |\ |\




subjective intent may be relevant if - CORRECT ANSWERS ✔✔a
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mutual misunderstanding b/t parties exists and they did not
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come to a true meetings of minds; no contract exists
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,if there appears a a mutual misunderstanding - CORRECT
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ANSWERS ✔✔look at each party separately, interpret situation to
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determine whether parties really reached an agreement |\ |\ |\ |\ |\ |\




in order to determine whether partied intended to enter into a
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contract, courts look at - CORRECT ANSWERS ✔✔their objective
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words and behavior and do not try to figure out what they may
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have secretly intending
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classification of contract determines - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\


✔✔when offeree is legally bound to perform |\ |\ |\ |\ |\ |\




Bilateral Contract = - CORRECT ANSWERS ✔✔A promise + a
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promise.
-I'll pay you $1000 for you to paint my car.
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-(My promise = $1000)
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-(Your promise = Paint my car)
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-Mutual exchange |\




Under bilateral contract, contract formed - CORRECT ANSWERS
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✔✔as soon as promise exchanged
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Unilateral Contract - CORRECT ANSWERS ✔✔-a promise + a
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requested action |\




-Offerror wants something *done, not a promise* for something
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to be done.
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, -ex; find dog and ill pay reward
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under unilateral contract, contract formed - CORRECT ANSWERS
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✔✔once offerree begins performance; offeror must give
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reasonable amt of time to finish before voiding contract |\ |\ |\ |\ |\ |\ |\ |\




Express Contract - CORRECT ANSWERS ✔✔The terms of the
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contract are all clearly set forth in either written or spoken words.
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ex; written agreement by dentist to perform work
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Implied Contract - CORRECT ANSWERS ✔✔Terms arise from
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conduct of the parties. |\ |\ |\




ex; dentist pulling tooth implies you will pay
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3 conditions required for implied contracts (and recovery) -
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CORRECT ANSWERS ✔✔1- benefits conferred by plaintiff upon
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defendant
2- defendant has knowledge of benefit being bestowed on them,
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and |\




3- defendant retains benefit under circs which it would be unjust
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to do so without payment
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Void Contract - CORRECT ANSWERS ✔✔-Not a contract at all;
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unenforceable
-Either illegal or has some serious defect.
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