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Business Law Principles and Practices
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Business Law Principles and Practices
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Quiz 9 :
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Quiz 9 :
Capacity
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In virtually all states a person reaches the age of majority at eighteen for the purpose of making a contract.
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True False
Q01
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True
Contracts made by minors are void.
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True False
Q02
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Answer:
False
An adult has the legal right to ask a parent, guardian, or other adult to co-sign a contract made with a minor.
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True False
Q03
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Answer:
True
A minor may not disaffirm an executed contract.
True False
Q04
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In most states (majority rule) a minor may disaffirm a contract even though the consideration received cannot be returned.
True False
Q05
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A minor may ratify an agreement while still a minor.
True False
Q06
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A minor may disaffirm or ratify a portion of an agreement.
True False
Q07
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Legally declared (by a court) insane persons can be liable for necessaries in quasi-contract.
True False
Q08
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Courts usually rule in favor of individuals who claimed to be intoxicated at the time of entering into a contract.
True False
Q09
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Ratification of a contract by a minor cannot be implied.
True False
Q10
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Emancipated minors are generally liable for necessaries.
True False
Q11
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Minors are liable in a quasi contract for the reasonable value of any necessaries furnished to them.
True False
Q12
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A person only slightly intoxicated is not considered to be an incompetent party.
True False
Q13
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Minors are generally liable for their torts.
True False
Q14
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A mentally ill person (not judged incompetent by a court) can be held liable for necessaries in a quasi contract.
True False
Q15
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A contract between an adult and a minor is
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Q16
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A minor may disaffirm a contract
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Q17
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After a minor reaches the legal age of majority, he or she may disaffirm an executed contract for a luxury made while a minor only if he or she
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Q18
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The best precaution for a store owner who is about to sell a laptop computer to a minor is to
Multiple Choice
Q19
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Craven, a minor, sold her exercise bicycle to Franklin, an adult, who resold it to Lavin, a good faith purchaser. Lavin's title to the bicycle is
Multiple Choice
Q20
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