GBL 385 Exam #2 Questions With Correct
Answers
REVIEW |OF |THE |TYPES |OF |
LEGAL |LIABILITY |- |CORRECT |ANSWER✔✔-(1) |STATUTORY |LIABILITY
(2) |CONTRACT |LIABILITY
(3) |TORT |LIABILITY
What |is |a |Contract? |- |CORRECT |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... |- |CORRECT |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 |- |CORRECT |ANSWER✔✔-Non-goods |contracts, |according |to |the |
Restatement, |must |include |terms |that |are |sufficiently |definite |and |certain;
Goods |Contracts |- |CORRECT |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) |- |CORRECT |ANSWER✔✔-1) |Employment |Contracts
2) |Insurance |Contracts
3) |Arbitration |Agreements
4) |Wealth |transfer |contracts
, 5) |Financial |services
Employment |Contracts |- |CORRECT |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
Insurance |Contracts |- |CORRECT |ANSWER✔✔-shifting |risk |of |loss |by |contract; |a |requirement |of
|law |in |many |circumstances |(health |insurance, |vehicles, |government |work, |liability)
Arbitration |Agreements |- |CORRECT |ANSWER✔✔-contractually |removing |certain |disputes |from |
litigation |and |using |alternate |dispute |resolution |instead |of |court.
Financial |Services |- |CORRECT |ANSWER✔✔-loans; |investments
Wealth |Transfer |Contracts |- |CORRECT |ANSWER✔✔-wealth |that |passes |upon |death |via |
contracts |established |during |life, |including |the |use |of |trusts, |IRA's, |life |insurance
Types |of |Contracts |- |CORRECT |ANSWER✔✔-1) |Express |- |an |agreement |manifested |by |words
2) |Implied-in-fact |- |an |agreement |manifested |by |conduct
Economic |Damages |- |CORRECT |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 |- |CORRECT |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.
Answers
REVIEW |OF |THE |TYPES |OF |
LEGAL |LIABILITY |- |CORRECT |ANSWER✔✔-(1) |STATUTORY |LIABILITY
(2) |CONTRACT |LIABILITY
(3) |TORT |LIABILITY
What |is |a |Contract? |- |CORRECT |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... |- |CORRECT |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 |- |CORRECT |ANSWER✔✔-Non-goods |contracts, |according |to |the |
Restatement, |must |include |terms |that |are |sufficiently |definite |and |certain;
Goods |Contracts |- |CORRECT |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) |- |CORRECT |ANSWER✔✔-1) |Employment |Contracts
2) |Insurance |Contracts
3) |Arbitration |Agreements
4) |Wealth |transfer |contracts
, 5) |Financial |services
Employment |Contracts |- |CORRECT |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
Insurance |Contracts |- |CORRECT |ANSWER✔✔-shifting |risk |of |loss |by |contract; |a |requirement |of
|law |in |many |circumstances |(health |insurance, |vehicles, |government |work, |liability)
Arbitration |Agreements |- |CORRECT |ANSWER✔✔-contractually |removing |certain |disputes |from |
litigation |and |using |alternate |dispute |resolution |instead |of |court.
Financial |Services |- |CORRECT |ANSWER✔✔-loans; |investments
Wealth |Transfer |Contracts |- |CORRECT |ANSWER✔✔-wealth |that |passes |upon |death |via |
contracts |established |during |life, |including |the |use |of |trusts, |IRA's, |life |insurance
Types |of |Contracts |- |CORRECT |ANSWER✔✔-1) |Express |- |an |agreement |manifested |by |words
2) |Implied-in-fact |- |an |agreement |manifested |by |conduct
Economic |Damages |- |CORRECT |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 |- |CORRECT |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.
