USF BUL3320 EXAM 2 STUDY | 2025/2026 UPDATE |
QUESTIONS AND ANSWERS | WITH COMPLETE
SOLUTION!!
Contract Answer - A voluntarily agreement that is enforceable by a court of
law or equity.
Offeror Answer - The party that makes an offer to enter into a contract
Offeree Answer - The party that receives the offer
Elements of a contract Answer - Agreement, Consideration, Contractual
Capacity, Lawful Object
A promise must be supported by __________ Answer - Consideration. That is
to say, bargained for something of value (money, personal property, real
property, etc.)
Lawful object Answer - The object of a contract must be lawful or else it will be
void and cannot be enforced
2 Defenses to the Enforcement of a Contract Answer - 1. Genuineness of
assent
2. Writing and form
,The consent of the parties to create a contract must be _________ Answer -
Genuine. If the consent is obtained by undue influence or fraud, there is no
real consent.
The law requires that certain contracts be in a ________ or a certain
_________ Answer - Writing and form. Failure of a contract to be in proper
form may lose it's ability to be enforced.
Uniform Commercial Code Answer - A major source of contract law with the
goal to create a uniform system of commercial law among the 50 states. It's
divided into nine main articles.
The restatement of the law of contracts Answer - Serves as guidance to the
legal community
Objective Theory of Contracts Answer - The intent to enter into a contract
(applies reasonable person standard)
Uniform Electronic Transactions Act Answer - Provides a legal framework for
electronic transactions
Bilateral contract Answer - A promise for a promise which creates the
enforceable contract.
Unilateral Contract Answer - The offer can only be accepted by the
performance of an act by the offeree
Formal contract Answer - Contracts such as negotiable instruments, letters of
credits, recognizance, and contracts under seal
, Informal (simple) Contracts Answer - Leases, sales contracts, and service
contracts. These contracts require a special format or method
Valid contracts Answer - This type of contract meets all the essential elements
and are enforceable by at least one of the parties
Void contract Answer - This type of contract has no legal effect and neither
party can enforce it.
Voidable contract Answer - Contracts where at least one party can avoid their
contractual obligations
Unenforceable contract Answer - A contract where there is a legal defense to
the enforcement of the contract, but the parties may choose to voluntarily
perform the contract.
Executed Contracts Answer - Contracted that have been completed
Executory Contracts Answer - Contracts that have not yet been fully performed
Express Contract Answer - These contracts may be either oral or written
Implied in Fact Contracts Answer - A contract where the plaintiff provided the
supply or service to the defendant (who had the opportunity to reject the
property or services) but failed to do so.
When monetary damages are not sufficient or are not a proper remedy, we
resort to giving ___________ Answer - Equity
QUESTIONS AND ANSWERS | WITH COMPLETE
SOLUTION!!
Contract Answer - A voluntarily agreement that is enforceable by a court of
law or equity.
Offeror Answer - The party that makes an offer to enter into a contract
Offeree Answer - The party that receives the offer
Elements of a contract Answer - Agreement, Consideration, Contractual
Capacity, Lawful Object
A promise must be supported by __________ Answer - Consideration. That is
to say, bargained for something of value (money, personal property, real
property, etc.)
Lawful object Answer - The object of a contract must be lawful or else it will be
void and cannot be enforced
2 Defenses to the Enforcement of a Contract Answer - 1. Genuineness of
assent
2. Writing and form
,The consent of the parties to create a contract must be _________ Answer -
Genuine. If the consent is obtained by undue influence or fraud, there is no
real consent.
The law requires that certain contracts be in a ________ or a certain
_________ Answer - Writing and form. Failure of a contract to be in proper
form may lose it's ability to be enforced.
Uniform Commercial Code Answer - A major source of contract law with the
goal to create a uniform system of commercial law among the 50 states. It's
divided into nine main articles.
The restatement of the law of contracts Answer - Serves as guidance to the
legal community
Objective Theory of Contracts Answer - The intent to enter into a contract
(applies reasonable person standard)
Uniform Electronic Transactions Act Answer - Provides a legal framework for
electronic transactions
Bilateral contract Answer - A promise for a promise which creates the
enforceable contract.
Unilateral Contract Answer - The offer can only be accepted by the
performance of an act by the offeree
Formal contract Answer - Contracts such as negotiable instruments, letters of
credits, recognizance, and contracts under seal
, Informal (simple) Contracts Answer - Leases, sales contracts, and service
contracts. These contracts require a special format or method
Valid contracts Answer - This type of contract meets all the essential elements
and are enforceable by at least one of the parties
Void contract Answer - This type of contract has no legal effect and neither
party can enforce it.
Voidable contract Answer - Contracts where at least one party can avoid their
contractual obligations
Unenforceable contract Answer - A contract where there is a legal defense to
the enforcement of the contract, but the parties may choose to voluntarily
perform the contract.
Executed Contracts Answer - Contracted that have been completed
Executory Contracts Answer - Contracts that have not yet been fully performed
Express Contract Answer - These contracts may be either oral or written
Implied in Fact Contracts Answer - A contract where the plaintiff provided the
supply or service to the defendant (who had the opportunity to reject the
property or services) but failed to do so.
When monetary damages are not sufficient or are not a proper remedy, we
resort to giving ___________ Answer - Equity
