Gbl 385 Exam 2 (Behan); Questions & Answer
100% Solved
Contract Elements Correct answer-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 unlawf...
Gbl 385 Exam 2 (Behan); Questions & Answer
100% Solved
Contract Elements Correct answer-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 Correct answer-A contract in which the terms of the
agreement are stated in words, oral or written.
Implied Contract Correct answer-a contract that comes about from the
actions of the parties
Freedom of contract (voluntary act) Correct answer-Private or public
individuals and groups (of any legal entity) to form contracts without
government restrictions
Voidable Contract for Minors Correct answer-- 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.
, Gbl 385 Exam 2 (Behan); Questions & Answer
100% Solved
- 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 Correct answer--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 Correct answer--Legal remedy-
(damages) money for economic damages only
-Equitable remedies- specific performance, injunction
Agreement (Offer and Acceptance) Correct answer--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.
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