BUL 4421 FINAL EXAM 2024
contract -Answer-A promise or a set of promises for the breach of which the law gives a remedy,
or the performance of which the law in some way recognizes as a duty.
agreement -Answer-consists of an offer by one party, called the offeror, to enter into a contract
and an...
BUL 4421 FINAL EXAM 2024 contract -Answer -A promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty. agreement -Answer -consists of an offer by one party, called the offeror, to enter into a c ontract and an acceptance of the terms of the offer by the other party, called the offeree consideration -Answer -The bargained -for exchange; what each party gets in exchange for his or her promise under a contract. contractual capacity -Answer -The legal ab ility to enter into contracts. - Most adults over the age of majority (18) have capacity; those under the age of majority, people suffering from mental illness, and sufficiently intoxicated persons do not objective theory of contracts -Answer -we base the existence of a contract on the parties' outward manifestations of intent and we base its interpretation on how a reasonable person would interpret it bilateral contract -Answer -a promise exchanged for a promise. As soon as the promises exchanged, a contrac t is formed, and the parties' legal obligations arise. Unilateral Contract -Answer -requires performance in order to form a contract (i.e., a promise + a requested action). The offeror wants the offeree to do something, not promise to do something. express contract -Answer -the terms of the contract are all clearly set forth in either written or spoken words implied contract -Answer -arise not from words but from the conduct of the parties void contract -Answer -not a contract at all. Either its object is illeg al or it has some defect so serious it is not a contract voidable contract -Answer -one of both of the parties have the ability to either withdraw from the contract or enforce it option contract -Answer -the offeree gives the offeror consideration in exchang e for the holding the offer upon for a specified period of time. Revocation -Answer -the offeror can revoke the offer at any time unless the offer enters into an option contract with the offeror. Revocation is effective when the offeror receives it. rejecti on -Answer -- another way to terminate the offer, effectuated by the offeror. - Regardless of how long the offer was stated to be open, once the offeree rejects it, it is terminated. counteroffer -Answer -an offer made by an offeree to his offeror relating t o the same matter as the original and proposing a substituted bargain differing from that proposed in the original offer.... A counteroffer terminates the original offer Destruction or subsequent illegality of the subject matter -Answer -if the subject of t he offer is destroyed or becomes illegal, the offer immediately terminates. lapse of time -Answer -- if the offer states it will be held open for only a certain time, it terminated when that time expires. - In the absence of such a time condition, the offer will expire after the lapse of a reasonable amount of time. Authorized means of acceptance -Answer -- if the offer specifies that acceptance must be communicated by a specific mode, that mode is the only means for accepting the offer. - If no mode of commu nication is specified in the offer, any reasonable means of acceptance is valid. For a unilateral contract... -Answer -only performance by the offer constitutes a valid acceptance consideration -Answer -what a legal entity receives in return for performing a contract obligation types of considerations -Answer -- A benefit to the promise - A detriment to the promisor - A promise to do something - A promise to refrain from doing something Adequacy of consideration -Answer -- court seldom requires this... the court does not weigh whether you made a good bargain - Exception: if the court believes fraud or undue influence occurred, the court may look at adequacy of consideration. Illusory promi se -Answer -is not a promise, is not a consideration - Example: Shawn offers to sell molly his skis for $300, and Molly responds "I'll look at them in the morning, and if I like them, Ill pay you" Enforcement of Promise -Answer -for a court to enforce, both parties must provide valid consideration, consideration by one party only is insufficient to support an enforceable contract Preexisting Duty Rule -Answer -- Performance of a duty you are obligated to do under the law is not consideration - Performance of a n existing contractual duty is not good consideration Partial payment of a debt -Answer -- Liquidated debt: no dispute that money is owed or how much
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller KatelynWhitman. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
