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Gbl 385 Exam 2 (Behan) | Questions And Answers Latest {} A+ Graded | 100% Verified
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Gbl 385 Exam 2 (Behan) | Questions And Answers Latest {} A+ Graded | 100% Verified
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Gbl 385 Exam 2 (Behan) | Questions And Answers Latest {2024- 2025} A+ Graded | 100%Verified
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
-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
Statute of Frauds Requirements - MUST be in writing to be enforceable:
(1) contracts for the sale or lease of, or a mortgage on, real property (e.g., land, fixtures);
(2) contracts that cannot, by their terms, be performed within one year after the date the contract was
formed;
(3) collateral contracts, such as promises to answer for or guaranty the debt or duty of another person;
(4) promises made in consideration of marriage (i.e., prenuptial agreements); and
(5) contracts for the sale of goods valued at $500 or more.
Statute of Frauds (5 Parts) - (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;
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