Business Law Principles and Practices

Business

Quiz 9 :
Capacity

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.
Free
True False
Answer:

Answer:

True

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Contracts made by minors are void.
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True False
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Answer:

False

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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
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Answer:

True

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A minor may not disaffirm an executed contract.
True False
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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
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A minor may ratify an agreement while still a minor.
True False
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A minor may disaffirm or ratify a portion of an agreement.
True False
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Legally declared (by a court) insane persons can be liable for necessaries in quasi-contract.
True False
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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
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Ratification of a contract by a minor cannot be implied.
True False
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Emancipated minors are generally liable for necessaries.
True False
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Minors are liable in a quasi contract for the reasonable value of any necessaries furnished to them.
True False
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A person only slightly intoxicated is not considered to be an incompetent party.
True False
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Minors are generally liable for their torts.
True False
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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
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A contract between an adult and a minor is
Multiple Choice
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A minor may disaffirm a contract
Multiple Choice
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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
Multiple Choice
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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
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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
Answer:
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