BMGT380- Exam 3 Questions With Verified
Answers
Consideration - answeranything of value that one side gives to the other side in a contract;
must be going both ways
voluntary agreement, consideration, capacity to contract, objective and performance have to
be legal - answerwhat are the four el...
Consideration - answer✔anything of value that one side gives to the other side in a contract;
must be going both ways
voluntary agreement, consideration, capacity to contract, objective and performance have to
be legal - answer✔what are the four elements of contract?
unilateral contract - answer✔only one party is making a promise
bilateral - answer✔both parties make a promise
statute to fraud - answer✔a law that requires particular contracts must be in writing
(unenforceable contracts)
statute of limitations - answer✔tells you how long you have to wait to sue, if you wait too long
you can't sue (unenforceable contracts)
voidable contract - answer✔type of contract where at least one of the parties can cancel the
contract
void contract - answer✔type of contract that creates no legal obligation and it is as if they do
not exist ex. contract to kill someone
executed contract - answer✔contract that is fully performed, both parties perform what they
are supposed to do
executory contract - answer✔contract where some obligations have not been performed
article 2 - answer✔source of law that deals with sale of goods, must be tangible movable
personal property, and does not apply to real property, intangibles, service contracts
common law - answer✔source of law that deals with services
hybrid contract - answer✔contract that includes both goods and services
quasi-contract - answer✔if Party A knowingly receives a benefit from Party B and refuses to pay
for the benefit and it would be unfair if you did not pay for the benefit, the law will require you
to pay for it
promissory estoppel - answer✔Person A makes a promise to Person B, Person B relies on that
promise and Person A refuses to keep their promise
objective indication of present intent - answer✔____ indication of present ____ is to enter into
the contract on the part of the offeror
subjective and objective - answer✔How do we judge intent? (2 approaches)
subjective approach - answer✔approach that looks at what the offeror ACTUALLY intended,
what he was really thinking (way to judge intent)
objective approach - answer✔this approach does not care what he was thinking, focuses on
what a person would reasonably think in making an offer (way to judge intent)
specificity/definiteness - answer✔the less definite the terms are, the less likely there is a
contract
direct - answer✔The communication of the offeror to the offeree must be ____ unless an agent
is involved.
rewards - answer✔offers for unilateral contracts; in order to accept the offer and receive the
reward, the offeree must perform the requested act
counter offer - answer✔The reason the termination of offers important is because if the offer
has been terminated and you try to accept a terminated offer, your acceptance will be treated
as a ___ offer
master of the offer - answer✔you can put anything in the offer that you want, INCLUDING an
expiration date
revocation - answer✔An offer can be revoked at any time prior to acceptance even if the
offeror promised to keep the offer open for a specific period of time even if that time has not
expired
option - answer✔a side contract (separate contract) whereby the offeree purchases the right to
have the underlying offer kept open (exception to revocation)
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