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Gbl 385 Exam 2 (Behan) Study Guide with Complete Solutions $9.99   Add to cart

Exam (elaborations)

Gbl 385 Exam 2 (Behan) Study Guide with Complete Solutions

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  • GBL 385
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  • 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...

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  • September 15, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • GBL 385
  • GBL 385
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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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