Contract Elements - 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 - A contract i...
Gbl 385 Exam 2 (Behan) questions and
answers 2024
Contract Elements - 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 - A contract in which the terms of the agreement are stated
in words, oral or written.
Implied Contract - a contract that comes about from the actions of the parties
Freedom of contract (voluntary act) - Private or public individuals and
groups (of any legal entity) to form contracts without government
restrictions
Voidable Contract for Minors - - 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 - -Failure to perform duties (Non performance or
delayed)
-Unreasonable or Defective performance
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-Affected party has a duty to reduce the damages that they suffered
Remedies for Breach of Contract - -Legal remedy- (damages) money for
economic damages only
-Equitable remedies- specific performance, injunction
Agreement (Offer and Acceptance) - -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.
What is not an offer? - Statement of future intent
Preliminary negotiations
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Bargained for exchange (consideration) - 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 - 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 - Promise to do something you are already legally
obligated to do is not valid consideration
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