GBL 385-Exam 2 Professor Behan MSU
Questions and Answers
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
✓ ~~~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.
Wealth Transfer Contracts
✓ ~~~wealth that passes upon death via contracts established during life, including the use
of trusts, IRA's, life insurance
Financial Services
✓ ~~~loans; investments
Types of Contracts
, ✓ ~~~-Express - an agreement manifested by words
-Implied-in-fact - an agreement manifested by conduct
Freedom of Contract
✓ ~~~Freedom of workers to negotiate the terms of their employment
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
✓ ~~~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.
✓ ~~~an authoritative command or order, or an order to not do something
Statute of Frauds
✓ ~~~Certain agreements must satisfy the statute of frauds, which requires the agreement
to:
(1) be memorialized in a writing or record; (2) be signed by or on behalf of the party
against whom enforcement is sought; (3) indicate that a contract has been made
between the parties; (4) state with reasonable certainty the essential terms of the
unperformed promises, in the case of non-goods contracts; (5) specify the term of
quantity, in the case of contracts for the sale of goods. The UCC specifically states
that "a record is not insufficient because it omits or incorrectly states a term agreed
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