GBL 385 Exam #2 Questions and Answers 100% Verified
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Course
GBL 385
Institution
GBL 385
What is a 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.
A valid contract mu...
GBL 385 Exam #2
What is a 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.
A valid contract must... - 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 - Non-goods contracts, according to the Restatement, must include terms
that are sufficiently definite and certain;
Goods Contracts - goods contracts, on 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."
examples of certain categories of contracts
(All regulated in some manner by statute) - 1) Employment Contracts
2) Insurance Contracts
3) Arbitration Agreements
4) Wealth transfer contracts
5) Financial services
Employment Contracts - 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 Contracts - shifting risk of loss by contract; a requirement of law in many circumstances
(health insurance, vehicles, government work, liability)
Arbitration Agreements - contractually removing certain disputes from litigation and using
alternate dispute resolution instead of court.
, REVIEW OF THE TYPES OF
LEGAL LIABILITY - (1) STATUTORY LIABILITY
(2) CONTRACT LIABILITY
(3) TORT LIABILITY
Financial Services - loans; investments
Wealth Transfer Contracts - wealth that passes upon death via contracts established during life,
including the use of trusts, IRA's, life insurance
Types of Contracts - 1) Express - an agreement manifested by words
2) Implied-in-fact - an agreement manifested by conduct
Non Economic Damages - Damages for noneconomic losses are damages for pain and suffering,
emotional distress, loss of consortium or companionship, and other intangible injuries. These damages
involve no direct economic loss and have no precise value. It is very difficult for juries to assign a dollar
value to these losses, given the minimal guidance they customarily receive from the court. As a result,
these awards tend to be erratic.
Sources of Contract Law - 1) Common Law
2) Restatement
3) Uniform Commercial Code (UCC)
Common Law - in most jurisdictions, contract law is not codified, and thus the primary source of
general contract law is case law.
Restatement - written by the American Law Institute to provide guidance to the bench and bar,
the Restatement of Contracts (currently in the second edition) has no legal force but nevertheless
provides highly persuasive authority.
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