GBL 385 exam 2 – contracts Questions
and Answers
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 provide a basis for determining the existence of a
breach and for giving an appropriate remedy [Restatement § 33]. Non-goods contracts,
according to the Restatement, must include terms that are sufficiently definite and certain;
goods contracts, on the other hand, do "not fail for indefiniteness even if one or more
terms are left open if the parties intended to make a contract and there is a reasonably
certain basis for giving an appropriate remedy.
,employment contract
✓ ~~~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 contract
✓ ~~~shifting risk of loss by contract; a requirement of law in many circumstances (health
insurance, vehicles, government work, liability)
Arbitration Agreements
✓ ~~~contractually removing certain disputes from litigation and using alternate dispute
resolution instead of court.
Wealth Transfer Contracts -
✓ ~~~wealth that passes upon death via contracts established during life, including the use
of trusts, IRA's, life insurance
Financial Services
✓ ~~~loans, invesment
Employment contract most important and employers can NOT:
✓ ~~~- discriminate against race, age
- prejudice against health related facets of employee
- withhold pay
1. Express contract
✓ ~~~an agreement by words
, 2. implied in fact contract
✓ ~~~an agreement manifested by conduct
exam question - economic damages
✓ ~~~Economic damages refers to compensation for objectively verifiable monetary losses
such as past and future medical expenses, loss of past and future earnings, loss of use of
property, costs of repair or replacement, the economic value of domestic services, loss of
employment or business opportunities.
non economic damages
✓ ~~~Damages for noneconomic losses are damages for pain and suffering, emotional
distress, loss of consortium or companionship, and other intangible injuries. These
damages involve no direct economic loss and have no precise value. It is very difficult for
juries to assign a dollar value to these losses, given the minimal guidance they
customarily receive from the court. As a result, these awards tend to be erratic.
sources of contract law
✓ ~~~common law
restatement (american law institute)
uniform commercial code
overview of contract issues
✓ ~~~has a contract been formed
has the contract been breached
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