Gbl 385 Study guides, Class notes & Summaries
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GBL 385 Exam #2 | Questions And Answers Latest {2024- 2025} A+ Graded | 100% Verified
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GBL 385 Exam #2 | Questions And Answers Latest {} A+ Graded | 100% 
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GBL 385 Final Exam | Questions And Answers Latest {2024- 2025} A+ Graded | 100% Verified
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GBL 385 Final Exam | Questions And Answers Latest {} A+ Graded | 100% 
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MSU GBL 385-EXAM 1 BEHAN
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Objectives of law - law exists to influence behavior 
 
Hammurabi--in one of the oldest law codes known to man opined that "law exists to protect the weak from the strong" 
 
As a society we criminalize behavior that we wish not to tolerate and in that way we seek to deter or influence certain behavior; we do the same with civil law. 
 
statutory law - Our legal representatives pass laws (both civil and criminal) in the form of statutes and codes 
 
common law - Court's make law in the way th...
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GBL 385-Exam 2 Professor Behan MSU study guide 2024
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Contract - -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. 
 
Employment Contracts - 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 Contracts - sh...
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GBL 385 Exam 1(Answered) Questions and Correct Answers, 100% Correct. 2024/2025.
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GBL 385 Exam 1(Answered) Questions and Correct Answers, 100% Correct. 2024/2025.
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MSU GBL 385 Exam 2 - BEHAN questions and Answers Latest Update Fully Solved 100%
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Uniform Commercial Code - Nationwide code that seeks standardize commercial transactions into 
a single, cohesive unit 
Contract elements - agreement, consideration, capacity, legality 
Liquidated Damages - An amount, stipulated in the contract, that the parties to a contract believe 
to be a reasonable estimation of the damages that will occur in the event of a breach. 2 parts to see if 
liquidated damages will be enforced. Upon entering the contract, was it apparent that the damages 
would be ...
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GBL 385 Exam 2 Questions and Answers Latest;(2024/2025)/ Graded A+
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Sole Proprietorship - Business owned by one person. that person is responsible for unlimited 
personal liability and the profits are taxable to this person as well 
Partnership - A business in which two or more persons combine their assets and skills 
agent - acts on behalf of principal, subject to principals control 
C Corporation - Taxed at corporate and shareholder level 
No limit on shareholders or types of shareholders 
every corporation starts out as C corp 
Common law and contract law - i...
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GBL 385 Exam #2 Questions & 100% Correct GBL 385 Exam #2 Questions & 100% Correct Answers- Latest Test | Graded A+ | PassedAnswers- Latest Test | Graded A+ | Passed
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REVIEW OF THE TYPES OF 
LEGAL LIABILITY 
 -:- (1) STATUTORY LIABILITY 
(2) CONTRACT LIABILITY 
(3) TORT LIABILITY 
What is a Contract? 
 -:- 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. 
A valid contract must... 
 -:- A validly formed contract must provide a basis for determining th...
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Gbl 385 Exam 2 (Behan) | Questions And Answers Latest {2024- 2025} A+ Graded | 100% Verified
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Gbl 385 Exam 2 (Behan) | Questions And Answers Latest {} A+ Graded | 100% 
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Gbl 385 Exam 2 (Behan) 	questions and answers 2024
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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) - Priva...
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