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BUL 4421-Midterm FAU Gendler Questions and Verified Answers 2025/2026 CHAPTER 13: Introduction to Contracts - Correct Answer CHAPTER 13: Introduction to Contracts Four Elements of a Contract: CLAC - Correct Answer 1. Contractual Capacity 2. Legal Object 3. Agreement (offer, acceptance) 4. Consideration Contract - Correct Answer -A promise or set of legally enforceable 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 - Correct Answer (Offer & Acceptance) Offer by Oferror to enter into a contract and acceptance of terms by offeree. Consideration - Correct Answer i. The bargained-for exchange or what each party gets in exchange for his or her promise under the contract (The something for something) Contractual capacity - Correct Answer i. The legal ability to enter into a binding agreement
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