GBL 385 Exam 2 – Contracts Questions With Correct Answers
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Course
GBL 385
Institution
GBL 385
GBL 385 Exam 2 – Contracts Questions With
Correct Answers
Criminal law - answerstatutory
civil law - answerstatutory and case made
types of legal liability - answer(1) STATUTORY LIABILITY
(2) *CONTRACT LIABILITY*
(3) TORT LIABILITY
what is a contract - answerA contract Is a Legally Enforce...
BRIGHTSTARS EXAM STUDY SOLUTIONS 8/15/2024 2:05 PM
GBL 385 Exam 2 – Contracts Questions With
Correct Answers
Criminal law - answer✔✔statutory
civil law - answer✔✔statutory and case made
types of legal liability - answer✔✔(1) STATUTORY LIABILITY
(2) *CONTRACT LIABILITY*
(3) TORT LIABILITY
what is a contract - answer✔✔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.
contract requires - answer✔✔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, according to the Restatement, must include terms that are sufficiently definite and
certain; 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.
employment contract - answer✔✔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 contract - answer✔✔shifting risk of loss by contract; a requirement of law in many
circumstances (health insurance, vehicles, government work, liability)
Arbitration Agreements - answer✔✔contractually removing certain disputes from litigation and
using alternate dispute resolution instead of court.
Wealth Transfer Contracts - - answer✔✔wealth that passes upon death via contracts established
during life, including the use of trusts, IRA's, life insurance
Financial Services - answer✔✔loans, invesment
, BRIGHTSTARS EXAM STUDY SOLUTIONS 8/15/2024 2:05 PM
Employment contract most important and employers can NOT: - answer✔✔- discriminate
against race, age
- prejudice against health related facets of employee
- withhold pay
1. Express contract - answer✔✔an agreement by words
2. implied in fact contract - answer✔✔an agreement manifested by conduct
exam question - economic damages - answer✔✔Economic damages refers to compensation for
objectively verifiable monetary losses such as past and future medical expenses, loss of past and
future earnings, loss of use of property, costs of repair or replacement, the economic value of
domestic services, loss of employment or business opportunities.
non economic damages - answer✔✔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 - answer✔✔common law
restatement (american law institute)
uniform commercial code
overview of contract issues - answer✔✔has a contract been formed
has the contract been breached
what is the remedy if there has been a breach of contract
mutual assent/agreement (offer and acceptance) - answer✔✔Contract formation requires mutual
assent to the same terms by the parties, generally manifested by an offer and acceptance.
Current law favors an objective standard for determining a party's intent to be contractually
bound. Thus, in general, communications are given the meaning that the recipient of the
communication should have reasonably understood.
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