Gbl 385 - Study guides, Class notes & Summaries

criminal law - statutory civil law - statutory and case made 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. contract requires - A validly formed contract must...

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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...

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...

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...

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...

GBL 385 Exam 1(Answered) Questions and Correct Answers, 100% Correct. 2024/2025.

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 ...

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 Co...