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FAU BUL 4421 Final Exam Study Guide|65 Questions and Answers
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FAU BUL 4421 Final Exam Study Guide|65 Questions and Answers
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FAU BUL 4421 Final Exam StudyGuide|65 Questions and Answers
Contract - -A promise or set of 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 - -Consists of an offer by one party, called the offeror, to enter
into a contract and an acceptance of the terms of the offer by the other
party, called the offeree.
- Consideration - -The bargained-for exchange; what each party gets in
exchange for his or her promise under a contract.
What a legal entity receives in return for performing a contract obligation.
- Contractual Capacity - -The legal ability to enter into a binding agreement.
- Who does not have Contractual Capacity? - -Those under the age of
majority, people suffering from a mental illness, and sufficiently intoxicated
persons
- Objective Theory of Contracts - -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. Subjective intent is not
relevant.
- Bilateral Contract - -A promise in exchange for a promise. As soon as the
promises exchanged, a contract is formed and the parties' legal obligations
arise.
- Unilateral Contract - -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 - -The terms of the contract are all clearly set forth in
either written or spoken words.
- Implied Contract - -Arise not from words but from the conduct of the
parties.
- Void Contract - -Not a contract at all. Either its object is illegal or it has
some defect so serious it is not a contract.
, - Voidable Contract - -One or both of the parties had the ability to either
withdraw from the contract or enforce it.
- Option Contract - -The offeree gives the offeror consideration in exchange
for holding the offer open for a specified period of time.
- Revocation - -The offeror can revoke the offer at any time unless the
offeree entered into an option contract with the offeror. Revocation is
effective when the offeree receives it.
- Rejection - -Another way to terminate the offer, effectuated by the offeree.
Regardless of how long the offer was stated to be open, once the offeree
rejects it, it is termintated.
- Counteroffer - -an offer made by an offeree to his offeror relating to the
same matter as the original offer and proposing a substituted bargain
differing from that proposed by the original offer. Terminates the original
offer.
- Destruction or subsequent Illegality of the subject matter - -If the subject
matter of the offer is destroyed or becomes illegal, the offer immediately
terminates.
- Lapse of Time - -If the offer states it will be held open for only a certain
time, it terminates 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 - -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 communication is specified in the offer,
any reasonable means of acceptance is valid. For a unilateral contract only
performance by the offeree constitutes a valid acceptance.
- Types of Consideration - -A benefit to promisee
A detriment to promisor
A promise to do something
A promise to refrain from doing something
- Adequacy of Consideration - -The court seldom considers adequacy of
consideration, except if the court believes fraud or undue influence occurred.
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