GBL 385 Exam #2 Study Guide with Complete Solutions
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Course
GBL 385
Institution
GBL 385
GBL 385 Exam #2 Study Guide with
Complete Solutions
REVIEW OF THE TYPES OF
LEGAL LIABILITY - Answer️️ -(1) STATUTORY LIABILITY
(2) CONTRACT LIABILITY
(3) TORT LIABILITY
What is a Contract? - Answer️️ -A contract Is a Legally Enforceable Agreement (offer
and Acceptance) Voluntarily En...
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
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