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GBL 385 Exam 2 Prep 2024/2025. 86 Questions and Correct Answers, With Verified Solutions 100%. $12.99   Add to cart

Exam (elaborations)

GBL 385 Exam 2 Prep 2024/2025. 86 Questions and Correct Answers, With Verified Solutions 100%.

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GBL 385 Exam 2 Prep 2024/2025. 86 Questions and Correct Answers, With Verified Solutions 100%. Contract legally enforceable exchange of promises or an exchange of promise for an act Common Law governs contracts dealing with real property, personal property, services, and employment contracts

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  • August 14, 2024
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GBL 385 Exam 2 Prep 2024/2025. 86 Questions and
Correct Answers, With Verified Solutions 100%.
Contract

legally enforceable exchange of promises or an exchange of promise for an act

Common Law

governs contracts dealing with real property, personal property, services, and employment contracts

Uniform Commercial Code (UCC)

governs contracts for the sale of goods

express contract

an exchange of oral or written promises between promises between parties, which are in fact
enforceable in a court of law

Oral and written contracts are equally enforceable

Implied (implied-in-fact) contract

established by the conduct of a party rather than by the party's written or spoken word

Unilateral Contract

an exchange of a promise for an act

Bilateral Contract

involves the exchange of one promise for another promise

Void

if at its formation its object is illegal or has serious defects in its formation

Voidable

One of the parties has the option of either withdrawing from the contract or enforcing it

Valid

One that is not void, is enforceable, and meets the six requirements

Executed Contract

one of which all terms have been performed

Quasi-Contract

, court-imposed agreement to prevent unjust enrichment of one party when the parties had not really
agreed to an enforceable contract

Elements of a Legal Contract

1. legal offer
2. legal acceptance
3. consideration
4. genuine assent
5. competent parties
6. a legal object

Legal offer

1. The offer must show objective intent to enter into the contract
2. The offer must be definite; that is, there must be some reference to subject matter, quantity of items
being offered, and price of the items
3. The offer must be communicated to the party (offeree) intended by the offeror

Methods of Termination of an Offer

1. Lapse of Time
2. Death of either party
3. Destruction of the subject matter
4. Rejection by the offeree
5. Revocation by the offeror

Legal Acceptance

1. an intent to accept must be shown by the offeree
2. the intent must be communicated by proper means
3. the intent must satisfy, or "mirror," the terms of the offer

Intent to Accept

There must be objective intent (words, conduct, or writing)

Communication of Acceptance

any reasonable means of communication may be used in accepting an offer, and acceptances are
generally binding upon the offeror when dispatched

Satisfying/Mirroring the Terms of the Offer

Common Law- the acceptance must satisfy or mirror the terms of the offer

UCC- acceptance does not have to be mirror of the offer. Terms can be added to the contract without
constituting a counteroffer if they meet one of the three conditions

Internet/ E-Contracts

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