BUL 4421 EXAM 2
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Practice questions for this set
Learn 1 /7 Study with Learn
contract written when sale of goods totals past $500-only includes quantity.
Choose an answer
1 Elements of a Contract 2 Formal Contract
3 contracts related to goods 4 Bilateral Contract
Don't know?
Terms in this set (73)
Elements of a Contract offer, acceptance, consideration
offerer A person who makes an offer.
offeree A person to whom an offer is made.
, The bargained-for exchange; what each party gets in
Consideration
exchange for his or her promise under a contract.
Bilateral Contract promise for a promise
Unilateral Contract promise in exchange for an act
Executed both ends of the contract complied with terms
a contract that has not been fully performed on either
Executory
side
Void Contract A contract having no legal force or binding effect.
A contract that may be legally avoided at the option
Voidable Contract
of one or both of the parties.
A contract that results when elements necessary for
Valid Contract contract formation (agreement, consideration, legal
purpose, and contractual capacity) are present.
A valid contract rendered unenforceable by some
Unenforceable Contract
statute or law.
An agreement that by law requires a specific form for
Formal Contract
its validity.
A contract that does not require a specified form or
informal (simple) contract
formality in order to be valid.
1. serious intent by the offeror to be bound to an
agreement
Elements of an offer
2. reasonably definite terms
3. communication to the offeree
the intended purpose or goal of an action, especially
intent
in a contract
In a contract, the terms that allow a court to
determine what the damages are in the event that one
material terms
of the parties breaches the contract; include the
subject matter, quantity, price, quality, and parties.
Save
Practice questions for this set
Learn 1 /7 Study with Learn
contract written when sale of goods totals past $500-only includes quantity.
Choose an answer
1 Elements of a Contract 2 Formal Contract
3 contracts related to goods 4 Bilateral Contract
Don't know?
Terms in this set (73)
Elements of a Contract offer, acceptance, consideration
offerer A person who makes an offer.
offeree A person to whom an offer is made.
, The bargained-for exchange; what each party gets in
Consideration
exchange for his or her promise under a contract.
Bilateral Contract promise for a promise
Unilateral Contract promise in exchange for an act
Executed both ends of the contract complied with terms
a contract that has not been fully performed on either
Executory
side
Void Contract A contract having no legal force or binding effect.
A contract that may be legally avoided at the option
Voidable Contract
of one or both of the parties.
A contract that results when elements necessary for
Valid Contract contract formation (agreement, consideration, legal
purpose, and contractual capacity) are present.
A valid contract rendered unenforceable by some
Unenforceable Contract
statute or law.
An agreement that by law requires a specific form for
Formal Contract
its validity.
A contract that does not require a specified form or
informal (simple) contract
formality in order to be valid.
1. serious intent by the offeror to be bound to an
agreement
Elements of an offer
2. reasonably definite terms
3. communication to the offeree
the intended purpose or goal of an action, especially
intent
in a contract
In a contract, the terms that allow a court to
determine what the damages are in the event that one
material terms
of the parties breaches the contract; include the
subject matter, quantity, price, quality, and parties.
