GBL 385-Exam 2 Professor Behan MSU Study Guide with Complete Solutions
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Module
GBL 385
Institution
GBL 385
GBL 385-Exam 2 Professor Behan MSU
Study Guide with Complete Solutions
Contract - Answer️️ --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, tha...
Freedom of Contract - Answer✔️✔️-Freedom of workers to negotiate the terms of their
employment
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✔️✔️-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 - Answer✔️✔️-2 types:
(1) Nonperformance (Delayed performance)
-and-
(2) Unreasonable/Defective performance.
Remedies for Breach of Contract - Answer✔️✔️-Legal Remedy (Damages):
(1) Money (Economic Damages - only)
Equitable Remedies:
(2) Specific Performance
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