Blaw 201 (BLAW201)
Drexel University
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Business Law 201 Final Exam Correct Answers Latest Update 2024
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Personal Property - correct answers a. Intellectual Property: Trademarks, Copyrights, Patents 
b. Tangible Goods: Clothing, Jewelry, Cars 
c. Intangible: Insurance Policies, Bank Accts/CDs, Investment accts. 
 
Real Property: Ownership of Property can - correct answers Determine Amount of Material Wealth in a capitalist society. 
 
Identify the Social Position of the Person in Society (Type of Neighborhood, Type of Job or Business) 
 
Legal Requirements involved in the transfer of Property - cor...
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BLAW 201 - Chapter 1 Correct Answers Latest Update 2024
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law - correct answers the order or pattern of rules that society establishes to govern the conduct of individuals and the 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 an...
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BLAW 201 Midterm Exam 2 Correct Answers Latest Update 2024
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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...
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Blaw 201 Midterm Review- Nature Of Contracts Correct Answers Latest Update 2024
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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 
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BLAW 201: Legality, Correct Answers Latest Update 2024
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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 ...
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Blaw 201- Consideration Correct Answers Latest Update 2024
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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...
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Business Law 201 Chapter 1-2 Correct Answers Latest Update 2024
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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...
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Blaw 201 Final Exam Correct Answers Latest Update 2024
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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 ...
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BLAW 201-Test 1 Correct Answers Latest Update 2024
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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...
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Blaw 201 Exam 1 Correct Answers Latest Update 2024
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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...
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