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Essentials of Business Law and the Legal Environment Study Set 1
Quiz 14: Contractual Capacity
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Question 61
True/False
Disaffirmance must be express; it may not be implied.
Question 62
True/False
If a minor sells property that the buyer then resells to a good faith purchaser for value and the minor then disaffirms the sales contract, under both the traditional view and the UCC, the minor can recover the property from the good faith purchaser for value since the minor has the power of avoidance and both purchasers had only voidable title.
Question 63
Essay
Cheryl is a 17-year-old high school student who was elected homecoming queen and does part-time modeling to earn money for college.She has an important interview with a modeling agency and wants to make a good impression, so she withdraws $5,000 from her savings and buys a designer outfit and a fur coat for the interview.A week later, she returns the coat to the department store and says she would like her money back.The store is reluctant to take the items.What are Cheryl's rights? Explain.
Question 64
True/False
To avoid a contract, an intoxicated person must have been so intoxicated as to be unable to understand the consequences of his actions or unable to act in a reasonable manner.
Question 65
True/False
A minor can ratify part of a contract and disaffirm another part of it.
Question 66
Essay
What are the ways in which a minor may disaffirm a contract? What is the effect of a minor's misrepresenting age in order to enter into a contract? Explain.
Question 67
Essay
What are the two tests for mental competency?
Question 68
Multiple Choice
Cheryl, age 16, ordered a new dress to wear to the school prom.She has contracted to pay $500 when the dress arrives.Before the dress arrives, Cheryl decides that the dress is too expensive, and she now wishes to cancel the order.Cheryl:
Question 69
Multiple Choice
Randy, a minor, buys a new four-wheel drive truck from the Jones Dealership.Randy sells this truck to his cousin, Steve, who is an adult.Steve conveys this vehicle to Arthur Smith.Arthur does not personally know Steve or Randy.Randy may:
Question 70
True/False
At common law, a minor was a person who was under the age of twenty-one years.
Question 71
Multiple Choice
In which of the following situations would a minor be unable to disaffirm a contract which he had made?
Question 72
True/False
If Marie, a minor, disaffirms the purchase of her new car that she has recently wrecked, in most jurisdictions she need only return the damaged vehicle to validly disaffirm the contract.
Question 73
Multiple Choice
Joanne, a minor, sold her laptop computer to Bruce, an adult.Bruce then sold the laptop to Anna, also an adult, who had no knowledge of the fact that the original owner was a minor.Under the Uniform Commercial Code, Joanne may: