Gbl 385 Exam 2 (Behan) Exam Questions With Correct Answers
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Course
GBL 385
Institution
GBL 385
Gbl 385 Exam 2 (Behan) Exam Questions
With Correct Answers
Contract Elements - answerA contract is a legally enforceable agreement (offer and
acceptance). Voluntarily entered between 2 or more competent parties to do or not to do
something that is possible to be done, that is not unlawful and t...
BRIGHTSTARS EXAM STUDY SOLUTIONS 8/15/2024 2:05 PM
Gbl 385 Exam 2 (Behan) Exam Questions
With Correct Answers
Contract Elements - answer✔✔A contract is a legally enforceable agreement (offer and
acceptance). Voluntarily entered between 2 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.
Express Contract - answer✔✔A contract in which the terms of the agreement are stated in words,
oral or written.
Implied Contract - answer✔✔a contract that comes about from the actions of the parties
Freedom of contract (voluntary act) - answer✔✔Private or public individuals and groups (of any
legal entity) to form contracts without government restrictions
Voidable Contract for Minors - answer✔✔- 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 - answer✔✔-Failure to perform duties (Non performance or delayed)
-Unreasonable or Defective performance
-Affected party has a duty to reduce the damages that they suffered
Remedies for Breach of Contract - answer✔✔-Legal remedy- (damages) money for economic
damages only
-Equitable remedies- specific performance, injunction
Agreement (Offer and Acceptance) - answer✔✔-Contract formation requires mutual assent to
the same terms by the participating parties.
-Recipients of the communications should have reasonably understood
-Subjective intent is relevant in determining if the parties intended to be bound to the contract.
, BRIGHTSTARS EXAM STUDY SOLUTIONS 8/15/2024 2:05 PM
What is not an offer? - answer✔✔Statement of future intent
Preliminary negotiations
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Bargained for exchange (consideration) - answer✔✔Consideration is a bargained-for
performance or return promise which is given by the promisee in exchange for the promisor's
promise. Consideration need not be furnished by or to the parties themselves as long as it is part
of the bargained exchange. (each side is promising something in EXCHANGE for something)
Legal Detriment - answer✔✔when a promisee gives up the right to retain control of something
he was entitled to keep, or to give up the right to do something, in exchange for a promise by the
other party to the contract
Pre-existing duty rule - answer✔✔Promise to do something you are already legally obligated to
do is not valid consideration
Statute of Frauds Requirements - answer✔✔MUST be in writing to be enforceable:
(1) contracts for the sale or lease of, or a mortgage on, real property (e.g., land, fixtures);
(2) contracts that cannot, by their terms, be performed within one year after the date the contract
was formed;
(3) collateral contracts, such as promises to answer for or guaranty the debt or duty of another
person;
(4) promises made in consideration of marriage (i.e., prenuptial agreements); and
(5) contracts for the sale of goods valued at $500 or more.
Statute of Frauds (5 Parts) - answer✔✔(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."
-Agreements that fall within the statute of frauds must be signed.
-Signature may be written, printed, stamped, engraved or marked with logos and initials. E
signatures are also valid.
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