FAU BUL 4421 Final Exam Study Guide
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questions with answers |\ |\
Contract - CORRECT ANSWERS ✔✔A promise or set of promises
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for the breach of which the law gives a remedy or the
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performance of which the law in some way recognizes a duty. |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Agreement - CORRECT ANSWERS ✔✔Consists of an offer by one |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
party, called the offeror, to enter into a contract and an
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acceptance of the terms of the offer by the other party, called
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the offeree.
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Consideration - CORRECT ANSWERS ✔✔The bargained-for |\ |\ |\ |\ |\ |\
exchange; what each party gets in exchange for his or her
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promise under a contract. |\ |\ |\
What a legal entity receives in return for performing a contract
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obligation.
Contractual Capacity - CORRECT ANSWERS ✔✔The legal ability to |\ |\ |\ |\ |\ |\ |\ |\
enter into a binding agreement.
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Who does not have Contractual Capacity? - CORRECT ANSWERS
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✔✔Those under the age of majority, people suffering from a
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mental illness, and sufficiently intoxicated persons
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, Objective Theory of Contracts - CORRECT ANSWERS ✔✔We base
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the existence of a contract on the parties' outward
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manifestations of intent and we base its interpretation on how a |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
reasonable person would interpret it. Subjective intent is not
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relevant.
Bilateral Contract - CORRECT ANSWERS ✔✔A promise in
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exchange for a promise. As soon as the promises exchanged, a
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contract is formed and the parties' legal obligations arise.
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Unilateral Contract - CORRECT ANSWERS ✔✔Requires
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performance in order to form a contract (i.e. a promise + a |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
requested action). The offeror wants the offeree to do something,
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not promise to do something.
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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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Implied Contract - CORRECT ANSWERS ✔✔Arise not from words
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but from the conduct of the parties.
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Void Contract - CORRECT ANSWERS ✔✔Not a contract at all.
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Either its object is illegal or it has some defect so serious it is not
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a contract.
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Voidable Contract - CORRECT ANSWERS ✔✔One or both of the
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parties had the ability to either withdraw from the contract or
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enforce it. |\
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questions with answers |\ |\
Contract - CORRECT ANSWERS ✔✔A 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. |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Agreement - CORRECT ANSWERS ✔✔Consists of an offer by one |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
party, called the offeror, to enter into a contract and an
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
acceptance of the terms of the offer by the other party, called
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the offeree.
|\
Consideration - CORRECT ANSWERS ✔✔The bargained-for |\ |\ |\ |\ |\ |\
exchange; what each party gets in exchange for his or her
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
promise under a contract. |\ |\ |\
What a legal entity receives in return for performing a contract
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
obligation.
Contractual Capacity - CORRECT ANSWERS ✔✔The legal ability to |\ |\ |\ |\ |\ |\ |\ |\
enter into a binding agreement.
|\ |\ |\ |\ |\
Who does not have Contractual Capacity? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Those under the age of majority, people suffering from a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
mental illness, and sufficiently intoxicated persons
|\ |\ |\ |\ |\
, Objective Theory of Contracts - CORRECT ANSWERS ✔✔We base
|\ |\ |\ |\ |\ |\ |\ |\ |\
the existence of a contract on the parties' outward
|\ |\ |\ |\ |\ |\ |\ |\ |\
manifestations of intent and we base its interpretation on how a |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
reasonable person would interpret it. Subjective intent is not
|\ |\ |\ |\ |\ |\ |\ |\ |\
relevant.
Bilateral Contract - CORRECT ANSWERS ✔✔A promise in
|\ |\ |\ |\ |\ |\ |\ |\
exchange for a promise. As soon as the promises exchanged, a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
contract is formed and the parties' legal obligations arise.
|\ |\ |\ |\ |\ |\ |\ |\
Unilateral Contract - CORRECT ANSWERS ✔✔Requires
|\ |\ |\ |\ |\ |\
performance in order to form a contract (i.e. a promise + a |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
requested action). The offeror wants the offeree to do something,
|\ |\ |\ |\ |\ |\ |\ |\ |\
not promise to do something.
|\ |\ |\ |\ |\
Express Contract - CORRECT ANSWERS ✔✔The terms of the
|\ |\ |\ |\ |\ |\ |\ |\ |\
contract are all clearly set forth in either written or spoken words.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Implied Contract - CORRECT ANSWERS ✔✔Arise not from words
|\ |\ |\ |\ |\ |\ |\ |\ |\
but from the conduct of the parties.
|\ |\ |\ |\ |\ |\
Void Contract - CORRECT ANSWERS ✔✔Not a contract at all.
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Either its object is illegal or it has some defect so serious it is not
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
a contract.
|\ |\
Voidable Contract - CORRECT ANSWERS ✔✔One or both of the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
parties had the ability to either withdraw from the contract or
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enforce it. |\
