BUL 3320 USF Exam UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Contract - CORRECT ANSWER A voluntarily agreement that is enforceable by a court of law
or equity.
Offeror - CORRECT ANSWER The party that makes an offer to enter into a contract
Offeree - CORRECT ANSWER The party that receives the offer
Elements of a contract - CORRECT ANSWER Agreement, Consideration, Contractual
Capacity, Lawful Object
A promise must be supported by __________ - CORRECT ANSWER Consideration. That is to
say, bargained for something of value (money, personal property, real property, etc.)
Lawful object - CORRECT 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 - CORRECT ANSWER 1. Genuineness of assent
2. Writing and form
The consent of the parties to create a contract must be _________ - CORRECT 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 _________ - CORRECT
ANSWER Writing and form. Failure of a contract to be in proper form may lose it's ability to
be enforced.
Uniform Commercial Code - CORRECT 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 - CORRECT ANSWER Serves as guidance to the legal
community
Objective Theory of Contracts - CORRECT ANSWER The intent to enter into a contract
(applies reasonable person standard)
Uniform Electronic Transactions Act - CORRECT ANSWER Provides a legal framework for
electronic transactions
Bilateral contract - CORRECT ANSWER A promise for a promise which creates the
enforceable contract.
Unilateral Contract - CORRECT ANSWER The offer can only be accepted by the performance
of an act by the offeree
Formal contract - CORRECT ANSWER Contracts such as negotiable instruments, letters of
credits, recognizance, and contracts under seal
Informal (simple) Contracts - CORRECT ANSWER Leases, sales contracts, and service
contracts. These contracts require a special format or method
Valid contracts - CORRECT ANSWER This type of contract meets all the essential elements
and are enforceable by at least one of the parties
Void contract - CORRECT ANSWER This type of contract has no legal effect and neither
party can enforce it.
Voidable contract - CORRECT ANSWER Contracts where at least one party can avoid their
contractual obligations
Unenforceable contract - CORRECT 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 - CORRECT ANSWER Contracted that have been completed
Executory Contracts - CORRECT ANSWER Contracts that have not yet been fully performed
Express Contract - CORRECT ANSWER These contracts may be either oral or written
Implied in Fact Contracts - CORRECT 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
___________ - CORRECT ANSWER Equity
Agreement - CORRECT ANSWER Created when an offeror's offer is accepted by the offeree
Mirror-image rule - CORRECT ANSWER A rule that states that for an acceptance to exist, the
offeree must accept the terms as stated in the offer
Acceptance - CORRECT ANSWER
Required terms of an offer - CORRECT ANSWER The offeror must have intended to have
been bound by the offer, the terms must be reasonably certain and the offer must have been
communicated to the offeree
Describe the terms that can be implied in an offer - CORRECT ANSWER The terms need only
be "reasonably certain" .. the court can imply missing terms
Describe special forms of offers (including Internet auctions) - CORRECT ANSWER
Advertisements (if advertising a specific deal, the may be bound by the deal), rewards (the
person receiving the reward, must know the terms to attain the reward and complete the requested act)
and auctions (both parties can withdraw to an extent)
QUESTIONS AND CORRECT ANSWERS
Contract - CORRECT ANSWER A voluntarily agreement that is enforceable by a court of law
or equity.
Offeror - CORRECT ANSWER The party that makes an offer to enter into a contract
Offeree - CORRECT ANSWER The party that receives the offer
Elements of a contract - CORRECT ANSWER Agreement, Consideration, Contractual
Capacity, Lawful Object
A promise must be supported by __________ - CORRECT ANSWER Consideration. That is to
say, bargained for something of value (money, personal property, real property, etc.)
Lawful object - CORRECT 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 - CORRECT ANSWER 1. Genuineness of assent
2. Writing and form
The consent of the parties to create a contract must be _________ - CORRECT 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 _________ - CORRECT
ANSWER Writing and form. Failure of a contract to be in proper form may lose it's ability to
be enforced.
Uniform Commercial Code - CORRECT 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 - CORRECT ANSWER Serves as guidance to the legal
community
Objective Theory of Contracts - CORRECT ANSWER The intent to enter into a contract
(applies reasonable person standard)
Uniform Electronic Transactions Act - CORRECT ANSWER Provides a legal framework for
electronic transactions
Bilateral contract - CORRECT ANSWER A promise for a promise which creates the
enforceable contract.
Unilateral Contract - CORRECT ANSWER The offer can only be accepted by the performance
of an act by the offeree
Formal contract - CORRECT ANSWER Contracts such as negotiable instruments, letters of
credits, recognizance, and contracts under seal
Informal (simple) Contracts - CORRECT ANSWER Leases, sales contracts, and service
contracts. These contracts require a special format or method
Valid contracts - CORRECT ANSWER This type of contract meets all the essential elements
and are enforceable by at least one of the parties
Void contract - CORRECT ANSWER This type of contract has no legal effect and neither
party can enforce it.
Voidable contract - CORRECT ANSWER Contracts where at least one party can avoid their
contractual obligations
Unenforceable contract - CORRECT 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 - CORRECT ANSWER Contracted that have been completed
Executory Contracts - CORRECT ANSWER Contracts that have not yet been fully performed
Express Contract - CORRECT ANSWER These contracts may be either oral or written
Implied in Fact Contracts - CORRECT 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
___________ - CORRECT ANSWER Equity
Agreement - CORRECT ANSWER Created when an offeror's offer is accepted by the offeree
Mirror-image rule - CORRECT ANSWER A rule that states that for an acceptance to exist, the
offeree must accept the terms as stated in the offer
Acceptance - CORRECT ANSWER
Required terms of an offer - CORRECT ANSWER The offeror must have intended to have
been bound by the offer, the terms must be reasonably certain and the offer must have been
communicated to the offeree
Describe the terms that can be implied in an offer - CORRECT ANSWER The terms need only
be "reasonably certain" .. the court can imply missing terms
Describe special forms of offers (including Internet auctions) - CORRECT ANSWER
Advertisements (if advertising a specific deal, the may be bound by the deal), rewards (the
person receiving the reward, must know the terms to attain the reward and complete the requested act)
and auctions (both parties can withdraw to an extent)
