GBL 385-Exam 2 Professor Behan MSU Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
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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...
✓ -:- - 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.
3|Page | Grade A+| 2024/2025
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