Green’s Dictionary of Slang

(US campus) to fail an examination.

1856		B.H. Hall College Words (rev. edn) 38: bull. At Dartmouth College, to recite badly; to make a poor recitation.
1915		R. Bolwell ‘College Sl. Words And Phrases’ in DN IV:iii 232: bull, v. 1. To make a mistake. ‘He bulled that play.’ 2. To recite without preparation. ‘He bulled his lesson.’.