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...
✓ -:- 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
✓ -:- 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.
Financial Services
✓ -:- loans; investments
Wealth Transfer Contracts
✓ -:- wealth that passes upon death via contracts established during life, including
the use of trusts, IRA's, life insurance
Types of Contracts
3|Page | Grade A+| 2024/2025
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