BUL 4421 Final - FAU Gendler exam with 100% Correct Verified Answers
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Course
BUL 4421
Institution
BUL 4421
3 conditions required for implied contracts (and recovery) - ANSWER 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 - ANSW...
BUL 4421 Final - FAU Gendler exam with
100% Correct Verified Answers
3 conditions required for implied contracts (and recovery) - ANSWER 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 - ANSWER -Not a contract at all; unenforceable
-Either illegal or has some serious defect.
Voidable Contract - ANSWER -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 - ANSWER return anything
already exchanged under the agreement; restore to conditions before contract
,contracts can be voided if - ANSWER -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) - ANSWER -All contract elements are there but one party was
forced into contract through duress, fraud, misrepresentation.
-Acts as defense
Contract Lacks Proper Form (Defense) - ANSWER Writing must meet a certain criteria must
exist for a contract to be legally binding.
II. CHAPTER 14: Agreement - ANSWER II. CHAPTER 14: Agreement
Elements of Offer (4): - ANSWER 1. Intent to be bound by acceptance
2. Definite and certain terms
3. Communication to the offeree
4. Acceptance
Material Terms include (5):
(Considered Definite and Certain if all are there). - ANSWER 1. Subject matter
2. Quality
3. Price
4. Quantity
5. Named parties
Termination of the offer can happen in 5 ways - ANSWER -
revocation -rejection or counteroffer
-death of incapacity of the offeror
, -destruction or subsequent illegality of subject matter
-lapse of time or failure of another condition specified in the offer
Revocation - ANSWER i. The offeror can cancel the offer at any time, regardless of how long it
was said to be open
ii. Becomes effective when the offeree receives it, and should deliver personally if important
to be known
Exceptions to revocation - ANSWER option contract and detrimental reliance
Option Contract - ANSWER The offeree gives the offeror consideration in exchange for holding the
offer open for a specified period of time. (Deposit for option-to-buy; i.e. real estate).
-consideration can be anything; no value required
detrimental reliance - ANSWER offeree reasonably relied on offerors promise to hold offer open
and had taken action in reliance of offer.
may use promissory estoppel to prevent revocation
under detrimental reliance, once significant partial performance has begun - ANSWER offeror
must give offeree a reasonable amount of time to complete performance before revocation
can take place
Rejection - ANSWER Regardless of anything, once the offeree rejects it, it is terminated.
Counteroffer - ANSWER i. An offer made by an offeree to his offeror relating to the same
matter as the original and proposing a substituted bargain differing from that proposed in
the original offer.
ii. A counteroffer terminates the original offer and the offeree becomes the offeror.
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