criminal law - statutory
civil law - statutory and case made
types of legal liability - (1) STATUTORY LIABILITY
(2) *CONTRACT LIABILITY*
(3) TORT LIABILITY
what is a contract - A contract Is a Legally Enforceable Agreement (offer and Acceptance) Voluntarily Entered Into between two (...
GBL 385 exam 2 – contracts with
Answers
criminal law - statutory
civil law - statutory and case made
types of legal liability - (1) STATUTORY LIABILITY
(2) *CONTRACT LIABILITY*
(3) TORT LIABILITY
what is a contract - A contract Is a Legally Enforceable Agreement (offer and
Acceptance) Voluntarily Entered Into between two (or more) Competent
Parties, to Do or Not to Do something that is Possible to Be Done, that is
Not Unlawful, and that is supported by Consideration.
contract requires - A validly formed contract must provide a basis for
determining the existence of a breach and for giving an appropriate remedy
[Restatement § 33]. Non-goods contracts, according to the Restatement,
must include terms that are sufficiently definite and certain; goods contracts,
on the other hand, do "not fail for indefiniteness even if one or more terms
are left open if the parties intended to make a contract and there is a
reasonably certain basis for giving an appropriate remedy.
employment contract - presumption of the employment contract is that it is
for an indefinite period of time and is considered "at will"; including non
competition agreements and benefit provisions
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insurance contract - shifting risk of loss by contract; a requirement of law in
many circumstances (health insurance, vehicles, government work, liability)
Arbitration Agreements - contractually removing certain disputes from
litigation and using alternate dispute resolution instead of court.
Wealth Transfer Contracts - - wealth that passes upon death via contracts
established during life, including the use of trusts, IRA's, life insurance
Financial Services - loans, invesment
Employment contract most important and employers can NOT: - -
discriminate against race, age
- prejudice against health related facets of employee
- withhold pay
1. Express contract - an agreement by words
2. implied in fact contract - an agreement manifested by conduct
exam question - economic damages - Economic damages refers to
compensation for objectively verifiable monetary losses such as past and
future medical expenses, loss of past and future earnings, loss of use of
property, costs of repair or replacement, the economic value of domestic
services, loss of employment or business opportunities.
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non economic damages - Damages for noneconomic losses are damages for
pain and suffering, emotional distress, loss of consortium or companionship,
and other intangible injuries. These damages involve no direct economic loss
and have no precise value. It is very difficult for juries to assign a dollar
value to these losses, given the minimal guidance they customarily receive
from the court. As a result, these awards tend to be erratic.
sources of contract law - common law
restatement (american law institute)
uniform commercial code
overview of contract issues - has a contract been formed
has the contract been breached
what is the remedy if there has been a breach of contract
mutual assent/agreement (offer and acceptance) - Contract formation
requires mutual assent to the same terms by the parties, generally manifested
by an offer and acceptance.
Current law favors an objective standard for determining a party's intent to
be contractually bound. Thus, in general, communications are given the
meaning that the recipient of the communication should have reasonably
understood.
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