BUL 4421 EXAM 2 questions with answers

BUL 4421 EXAM 2 questions with answers
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Elements of a Contract - CORRECT ANSWERS ✔✔offer,
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acceptance, consideration |\




offerer - CORRECT ANSWERS ✔✔A person who makes an offer.
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offeree - CORRECT ANSWERS ✔✔A person to whom an offer is
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made.


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.|\ |\ |\




Bilateral Contract - CORRECT ANSWERS ✔✔promise for a promise
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Unilateral Contract - CORRECT ANSWERS ✔✔promise in exchange
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for an act
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Executed - CORRECT ANSWERS ✔✔both ends of the contract
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complied with terms |\ |\




Executory - CORRECT ANSWERS ✔✔a contract that has not been
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fully performed on either side
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, Void Contract - CORRECT ANSWERS ✔✔A contract having no legal
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force or binding effect.
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Voidable Contract - CORRECT ANSWERS ✔✔A contract that may
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be legally avoided at the option of one or both of the parties.
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Valid Contract - CORRECT ANSWERS ✔✔A contract that results
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when elements necessary for contract formation (agreement,
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consideration, legal purpose, and contractual capacity) are |\ |\ |\ |\ |\ |\ |\


present.


Unenforceable Contract - CORRECT ANSWERS ✔✔A valid contract |\ |\ |\ |\ |\ |\ |\


rendered unenforceable by some statute or law.
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Formal Contract - CORRECT ANSWERS ✔✔An agreement that by
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law requires a specific form for its validity.
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informal (simple) contract - CORRECT ANSWERS ✔✔A contract
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that does not require a specified form or formality in order to be
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valid.


Elements of an offer - CORRECT ANSWERS ✔✔1. serious intent by
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the offeror to be bound to an agreement
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2. reasonably definite terms
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3. communication to the offeree
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