BUL 4421 Final - FAU Gendler|Questions and Answers |100% Pass
CHAPTER 13: Introduction to Contracts - ✔✔CHAPTER 13: Introduction to Contracts
Four Elements of a Contract: CLAC - ✔✔1. Contractual Capacity
2. Legal Object
3. Agreement (offer, acceptance)
4. Consideration
Contract - ✔✔-A promise or set of legally enforceable 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 - ✔✔(Offer & Acceptance)
Offer by Oferror to enter into a contract and acceptance of terms by offeree.
Consideration - ✔✔i. The bargained-for exchange or what each party gets in exchange for his or her
promise under the contract
(The something for something)
Contractual capacity - ✔✔i. The legal ability to enter into a binding agreement
Legal Object - ✔✔subject matter of the contract. Cannot be illegal or against public policy in order to be
enforceable
Objective Theory of Contracts is the - ✔✔basis of contract law
Objective Theory of Contracts bases existence on - ✔✔Outward manifestations of intent
,Objective Theory of Contracts bases interpretation on - ✔✔how a reasonable person would interpret it.
________ of parties is not usually relevant under objective theory of contracts - ✔✔subjective intent
t or f: subjective intent may be relevant under certain circumstances - ✔✔true
subjective intent may be relevant if - ✔✔a mutual misunderstanding b/t parties exists and they did not
come to a true meetings of minds; no contract exists
if there appears a a mutual misunderstanding - ✔✔look at each party separately, interpret situation to
determine whether parties really reached an agreement
in order to determine whether partied intended to enter into a contract, courts look at - ✔✔their
objective words and behavior and do not try to figure out what they may have secretly intending
classification of contract determines - ✔✔when offeree is legally bound to perform
Bilateral Contract = - ✔✔A promise + a promise.
-I'll pay you $1000 for you to paint my car.
-(My promise = $1000)
-(Your promise = Paint my car)
-Mutual exchange
Under bilateral contract, contract formed - ✔✔as soon as promise exchanged
Unilateral Contract - ✔✔-a promise + a requested action
-Offerror wants something *done, not a promise* for something to be done.
-ex; find dog and ill pay reward
, under unilateral contract, contract formed - ✔✔once offerree begins performance; offeror must give
reasonable amt of time to finish before voiding contract
Express Contract - ✔✔The terms of the contract are all clearly set forth in either written or spoken
words.
ex; written agreement by dentist to perform work
Implied Contract - ✔✔Terms arise from conduct of the parties.
ex; dentist pulling tooth implies you will pay
3 conditions required for implied contracts (and recovery) - ✔✔1- benefits conferred by plaintiff upon
defendant
2- defendant has knowledge of benefit being bestowed on them, and
3- defendant retains benefit under circs which it would be unjust to do so without payment
Void Contract - ✔✔-Not a contract at all; unenforceable
-Either illegal or has some serious defect.
Voidable Contract - ✔✔-One or both of the parties has the ability to either withdraw from the contract
or enforce it.
if choosing to terminate a voidable contract, both parties must - ✔✔return anything already exchanged
under the agreement; restore to conditions before contract
contracts can be voided if - ✔✔-entered into by a minor, fraud, or under duress
-court attempting to protect person believed to have been taken advantage of
Lack of Genuine Assent (Defense) - ✔✔-All contract elements are there but one party was forced into
contract through duress, fraud, misrepresentation.
-Acts as defense
CHAPTER 13: Introduction to Contracts - ✔✔CHAPTER 13: Introduction to Contracts
Four Elements of a Contract: CLAC - ✔✔1. Contractual Capacity
2. Legal Object
3. Agreement (offer, acceptance)
4. Consideration
Contract - ✔✔-A promise or set of legally enforceable 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 - ✔✔(Offer & Acceptance)
Offer by Oferror to enter into a contract and acceptance of terms by offeree.
Consideration - ✔✔i. The bargained-for exchange or what each party gets in exchange for his or her
promise under the contract
(The something for something)
Contractual capacity - ✔✔i. The legal ability to enter into a binding agreement
Legal Object - ✔✔subject matter of the contract. Cannot be illegal or against public policy in order to be
enforceable
Objective Theory of Contracts is the - ✔✔basis of contract law
Objective Theory of Contracts bases existence on - ✔✔Outward manifestations of intent
,Objective Theory of Contracts bases interpretation on - ✔✔how a reasonable person would interpret it.
________ of parties is not usually relevant under objective theory of contracts - ✔✔subjective intent
t or f: subjective intent may be relevant under certain circumstances - ✔✔true
subjective intent may be relevant if - ✔✔a mutual misunderstanding b/t parties exists and they did not
come to a true meetings of minds; no contract exists
if there appears a a mutual misunderstanding - ✔✔look at each party separately, interpret situation to
determine whether parties really reached an agreement
in order to determine whether partied intended to enter into a contract, courts look at - ✔✔their
objective words and behavior and do not try to figure out what they may have secretly intending
classification of contract determines - ✔✔when offeree is legally bound to perform
Bilateral Contract = - ✔✔A promise + a promise.
-I'll pay you $1000 for you to paint my car.
-(My promise = $1000)
-(Your promise = Paint my car)
-Mutual exchange
Under bilateral contract, contract formed - ✔✔as soon as promise exchanged
Unilateral Contract - ✔✔-a promise + a requested action
-Offerror wants something *done, not a promise* for something to be done.
-ex; find dog and ill pay reward
, under unilateral contract, contract formed - ✔✔once offerree begins performance; offeror must give
reasonable amt of time to finish before voiding contract
Express Contract - ✔✔The terms of the contract are all clearly set forth in either written or spoken
words.
ex; written agreement by dentist to perform work
Implied Contract - ✔✔Terms arise from conduct of the parties.
ex; dentist pulling tooth implies you will pay
3 conditions required for implied contracts (and recovery) - ✔✔1- benefits conferred by plaintiff upon
defendant
2- defendant has knowledge of benefit being bestowed on them, and
3- defendant retains benefit under circs which it would be unjust to do so without payment
Void Contract - ✔✔-Not a contract at all; unenforceable
-Either illegal or has some serious defect.
Voidable Contract - ✔✔-One or both of the parties has the ability to either withdraw from the contract
or enforce it.
if choosing to terminate a voidable contract, both parties must - ✔✔return anything already exchanged
under the agreement; restore to conditions before contract
contracts can be voided if - ✔✔-entered into by a minor, fraud, or under duress
-court attempting to protect person believed to have been taken advantage of
Lack of Genuine Assent (Defense) - ✔✔-All contract elements are there but one party was forced into
contract through duress, fraud, misrepresentation.
-Acts as defense
