GBL 385-Exam 2 Professor Behan MSU study guide 2024
6 views 0 purchase
Course
GBL 385
Institution
GBL 385
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.
Employment Contracts - pre...
GBL 385-Exam 2 Professor Behan MSU
study guide 2024
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.
Employment Contracts - 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
Insurance Contracts - 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; investments
Types of Contracts - -Express - an agreement manifested by words
-Implied-in-fact - an agreement manifested by conduct
,2|Page
Freedom of Contract - Freedom of workers to negotiate the terms of their
employment
Voidable Contract for Minors - - When a minor enters a contract, the
contract can be canceled by the minor, or someone on behalf of the minor.
- If it's a perishable item or a necessity (food, medicine, etc) it cannot be
canceled.
- Contracts with minors require a co-signor (in most cases)
- Depending on crimes, sometimes minors can go through trial as adults
(within criminal law)
Breach of Contract - is the failure to perform what a party is under a duty to
perform.
When this happens, the nonbreaching party can choose one or more
remedies.
Unless damages would be inadequate a court will award money damages.
Types of Breach of Contract - 2 types:
(1) Nonperformance (Delayed performance)
-and-
(2) Unreasonable/Defective performance.
Remedies for Breach of Contract - Legal Remedy (Damages):
(1) Money (Economic Damages - only)
, 3|Page
Equitable Remedies:
(2) Specific Performance
(3) Injunction
Injunction - an authoritative command or order, or an order to not do
something
Statute of Frauds - Certain agreements must satisfy the statute of frauds,
which requires the agreement to:
(1) be memorialized in a writing or record; (2) be signed by or on behalf of
the party against whom enforcement is sought; (3) indicate that a contract
has been made between the parties; (4) state with reasonable certainty the
essential terms of the unperformed promises, in the case of non-goods
contracts; (5) specify the term of quantity, in the case of contracts for the
sale of goods. The UCC specifically states that "a record is not insufficient
because it omits or incorrectly states a term agreed upon but the contract is
not enforceable . . . beyond the quantity of goods shown in the record."
Overview of Contract Issues - ISSUE ONE: HAS A CONTRACT BEEN
FORMED?
ISSUE TWO: HAS THE CONTRACT BEEN BREACHED?
ISSUE THREE: 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,
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller CleanA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
