GBL 385 Exam 2 Questions And Answers With 100% Correct Answers
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Course
GBL 385
Institution
GBL 385
What is a promissory estoppel - Ability to go to court and be made whole financially due to lack of
completion of contract by a party under such
types of contracts - Express - agreement made by words
Implied in fact - agreement made by conduct
Economic Damages - Compensation for monetary losses...
GBL 385 Exam 2
What is a promissory estoppel - Ability to go to court and be made whole financially due to lack of
completion of contract by a party under such
types of contracts - Express - agreement made by words
Implied in fact - agreement made by conduct
Economic Damages - Compensation for monetary losses
Sources of Contract law - Common law
Restatement
Uniform Commercial code
Common law and contract law - in most jurisdictions, contract law is not codified, and thus the
primary source of general contract law is case law
Restatement and contract law - has no legal force but provides highly persuasive authority
uniform commercial code and contract law - Proposed revisions to article 2, governing contracts
for the sale of goods
Offer defined: - An offer is made with a present intent to be contractually bound upon acceptance
by another party
what is not considered an offer - opinions about future results
, statements of intention
invitations to submit a bid
How do you accept an offer - if the offeree begins to perfrom in lieu of making the required
promise
and the offeror learns of the commencement of performance and acquiesces to such manner of
acceptance
Contract definition - legally enforceable agreement voluntarily entered into between two or more
competent parties to do or not to do something that is possible to be done and is lawful
what are the 6 agreements that fall under the statute of frauds - 1) agreement that by its terms
cannot be performed with a year from the making of contract
2) agreement to pay the debt of another
3) agreement involving an interest in real property
4) agreement in contemplation of marriage
5) agreement to purchase goods in the amount of $1000 or more
6)agreement to purchase services or intellectual property in the amount of $5000 or more
what is breach of contract - failure to perform what a party is under a duty to perform
what happens when you breach a contract - nonbreaching party can choose one or more
remedies. usually court rewards monetary damages
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