Gbl 385 Exam 2 (Behan) Study Guide with Complete Solutions
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Course
GBL 385
Institution
GBL 385
Gbl 385 Exam 2 (Behan) Study Guide
with Complete Solutions
Contract Elements - Answer️️ -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) Study Guide
with Complete Solutions
Contract Elements - 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 - Answer✔️✔️-A contract in which the terms of the agreement are
stated in words, oral or written.
Implied Contract - Answer✔️✔️-a contract that comes about from the actions of the
parties
Freedom of contract (voluntary act) - Answer✔️✔️-Private or public individuals and
groups (of any legal entity) to form contracts without government restrictions
Voidable Contract for Minors - 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.
- 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 - Answer✔️✔️--Failure to perform duties (Non performance or
delayed)
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