Blaw 201 - Study guides, Class notes & Summaries

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...

BILATERAL CONTRACT - correct answers agreement under which one promise is given in exchange for another CONTRACT - correct answers a binding agreement based on the genuine assert of the parties made for a lawful object, between competent parties in the form required by law, and generally supported by consideration CONTRACT UNDER SEAL - correct answers contract executed by affixing a seal or making an impression on the paper or on some adhering substance such as wax attached to the document...

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...

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 ...

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...

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 ...

Individuals create their own private law when enter into a contract with each other. True False - correct answers True Statutory law includes U.S. Supreme Court opinions. True False - correct answers False When a court decides a new question or problem, it can ignore precedent. True False - correct answers False Under the Federal Arbitration Act, a court may set aside the award of an arbitrator if an arbitrator committed a gross procedural error that prejudiced the rights of...

BLAW 201 Final- Legality And Public Policy Correct Answers Latest Update 2024

court - correct answers a tribunal established by government to hear and decide matters properly brought to it jurisdiction - correct answers the power of a court to hear and determine a given class of cares; the power to act over a particular defendant subject matter jurisdiction - correct answers judicial authority to hear a particular type of case original jurisdiction - correct answers the authority to hear a controversy when it is first brought to court general jurisdiction - co...

law - correct answers the order or pattern of rules that society establishes to govern the conduct of individuals and relationships among them right - correct answers legal capacity to require another person to perform or refrain from an action duty - correct answers an obligation of law imposed on a person to perform or refrain from performing a certain act right of privacy - correct answers the right to be free from unreasonable intrusion by others constitution - correct answers a ...