Drexel University

Minor - correct answers When you're under 18 Majority - correct answers When you hit the age of 18 Adult - correct answers When you're 18 or older A minor can avoid a contract while... - correct answers He/she is a minor and for a reasonable time after becoming an adult unless as an adult, a minor first ratifies the contract. Ratify - correct answers Any actions or words that indicate that the person is in a contract. "Yes, that is my contract." Ratification can be through expres...

Only the parties who signed the original contract can have rights with respect to that contract - correct answers True An offer may be made only to a specific person - correct answers False An offerer makes an offer to an offeree - correct answers True Contracts for amounts more than $1 million must be made under seal or they are not binding - correct answers False An express contract is one in which the agreement is shown by acts and conduct of the parties - correct answers False ...

Where a court recognizes an agreement to be illegal, a lawsuit based on that agreement may be dismissed by the court even if neither plaintiff nor defendant raised the issue of illegality. - correct answers true When a law forbids the issuance of securities or notes by certain classes of corporations, a person who has purchased them may not recover the money paid. - correct answers false the social consequences of a contract are important in determining the contract's validity. - correct ...

Consideration - correct answers -legal detriment on both sides; bargained for -to bargain: the bargaining is the negotiation, the legal detriments have to be in exchange for each other -Legal determinants on both sides in exchange for each other: creates a contract as far as this chapter is concerned -what each party to a contract gives up to the other in making their agreement Legal detriments - correct answers -taking on some obligation or duty you have no preexisting duty to take on, o...

Law - correct answers Regulates conduct forbids undesirable activities consequence if not obeyed. Business law - correct answers Rules for commercial relationship Functions of law - correct answers 1. Keep the peace 2. Provides an alternate to fighting 3. Promoted social justice discrimination laws 4. Facilities change/order 5. Maximum individual freedom 6. Shapes moral standards Private law - correct answers Between 2 parties (civil cases) Public law - correct answers Governm...

Consideration - correct answers Legal Detriment on both sides, bargained for. Legal Detriment - correct answers Taking on some obligation you had no previous duty to take on. Giving up some right you had no previous duty to give up. Pre Existing Duty Rule - correct answers If a person is doing their job and have a pre-existing duty to do said job, they cannot make a new contract. Liquidate - correct answers Liquidated debt is a debt not in dispute. When a debt is liquidated there is no ...

List the types of laws - correct answers Constitutions, statutes, common law, administrative/agency law, treaties, ordinances, executive orders, equity Criminal law - correct answers Creates duties that are owed to the public as a whole Civil law - correct answers Creates duties that private parties owe each other Substantive law - correct answers Sets the rights and duties of people as they act in society Procedural law - correct answers Controls the behavior of government bodies (m...

Contract - correct answers An agreement between 2 competent parties enforceable by law. Elements of A contract - correct answers 1. an agreement 2. between competent parties 3. based on terms agreed upon by both 4. supported by consideration 5. must be lawful 6. in the form required by law if necessary Promisor - correct answers Person who makes a Promise Promisee - correct answers Person to whom a promise is made Obligor - correct answers Promisor Obligee - correct answers P...

Law - correct answers Set of rules, created by the government, enforced by the government color of authority - correct answers actions taken under the law Legal Positivism - correct answers law is what law says Legal Realism - correct answers A belief that the law itself is less important than who is in the position to enforce it. Natural Law - correct answers the idea that humans posses certain inalienable rights that are not the products of human made law Rule of Law - correct a...

Voidable Contract - correct answers contract starts out being valid, then some rule of law makes one or both of the parties able to get out of the contract. Void Contract - correct answers means it is simply not a contract - a "Null" - a contradiction in terms -> "void contracts" because it's not a contract. Illegal contracts are void contracts. Unenforceable Contracts - correct answers contract starts out valid, but a rule of law makes it not able to be enforced in court. Incapabl...