GBL 385 exam 2 - contracts; Questions &
Answer 100% Solved
criminal law Correct answer-statutory
civil law Correct answer-statutory and case made
types of legal liability Correct answer-(1) STATUTORY LIABILITY
(2) *CONTRACT LIABILITY*
(3) TORT LIABILITY
what is a contract Correct answer-A c...
types of legal liability Correct answer-(1) STATUTORY LIABILITY
(2) *CONTRACT LIABILITY*
(3) TORT LIABILITY
what is a contract Correct answer-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 Correct answer-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
, GBL 385 exam 2 - contracts; Questions &
Answer 100% Solved
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 Correct answer-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 contract Correct answer-shifting risk of loss by contract; a
requirement of law in many circumstances (health insurance, vehicles,
government work, liability)
Arbitration Agreements Correct answer-contractually removing certain
disputes from litigation and using alternate dispute resolution instead of court.
Wealth Transfer Contracts - Correct answer-wealth that passes upon
death via contracts established during life, including the use of trusts, IRA's, life
insurance
Employment contract most important and employers can NOT: Correct
answer-- discriminate against race, age
- prejudice against health related facets of employee
- withhold pay
1. Express contract Correct answer-an agreement by words
2. implied in fact contract Correct answer-an agreement manifested by
conduct
exam question - economic damages Correct answer-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.
non economic damages Correct answer-Damages for noneconomic losses
are damages for pain and suffering, emotional distress, loss of consortium or
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