GBL 385 Exam #2 Exam Questions With Correct Answers
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Course
GBL 385
Institution
GBL 385
GBL 385 Exam #2 Exam Questions With
Correct Answers
REVIEW OF THE TYPES OF
LEGAL LIABILITY - answer(1) STATUTORY LIABILITY
(2) CONTRACT LIABILITY
(3) TORT LIABILITY
What is a Contract? - answerA contract Is a Legally Enforceable Agreement (offer and
Acceptance) Voluntarily Entered Into betwe...
BRIGHTSTARS EXAM STUDY SOLUTIONS 8/15/2024 2:05 PM
GBL 385 Exam #2 Exam Questions With
Correct Answers
REVIEW OF THE TYPES OF
LEGAL LIABILITY - answer✔✔(1) STATUTORY LIABILITY
(2) CONTRACT LIABILITY
(3) TORT LIABILITY
What is a Contract? - answer✔✔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... - answer✔✔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 - answer✔✔Non-goods contracts, according to the Restatement, must
include terms that are sufficiently definite and certain;
Goods Contracts - answer✔✔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."
examples of certain categories of contracts
(All regulated in some manner by statute) - answer✔✔1) Employment Contracts
2) Insurance Contracts
3) Arbitration Agreements
4) Wealth transfer contracts
5) Financial services
Employment Contracts - answer✔✔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
, BRIGHTSTARS EXAM STUDY SOLUTIONS 8/15/2024 2:05 PM
Insurance Contracts - answer✔✔shifting risk of loss by contract; a requirement of law in many
circumstances (health insurance, vehicles, government work, liability)
Arbitration Agreements - answer✔✔contractually removing certain disputes from litigation and
using alternate dispute resolution instead of court.
Financial Services - answer✔✔loans; investments
Wealth Transfer Contracts - answer✔✔wealth that passes upon death via contracts established
during life, including the use of trusts, IRA's, life insurance
Types of Contracts - answer✔✔1) Express - an agreement manifested by words
2) Implied-in-fact - an agreement manifested by conduct
Economic Damages - answer✔✔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 - answer✔✔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 - answer✔✔1) Common Law
2) Restatement
3) Uniform Commercial Code (UCC)
Common Law - answer✔✔in most jurisdictions, contract law is not codified, and thus the
primary source of general contract law is case law.
Restatement - answer✔✔written by the American Law Institute to provide guidance to the bench
and bar, the Restatement of Contracts (currently in the second edition) has no legal force but
nevertheless provides highly persuasive authority.
Uniform Commercial Code (UCC) - answer✔✔created under the auspices of the American Law
Institute and the National Conference of Commissioners on Uniform State Laws, has been
adopted by every state except Louisiana. Proposed revisions to Article 2, governing contracts for
the sale of goods, have been finalized and presented to the states for enactment.
Contract Issues - answer✔✔ISSUE ONE: HAS A CONTRACT BEEN FORMED?
ISSUE TWO: HAS THE CONTRACT BEEN BREACHED?
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