A minor may not disaffirm a contract if the original consideration has been destroyed or spent and c

A minor may not disaffirm a contract if the original consideration has been destroyed or spent and cannot be returned to the other party.TrueFalse3 pointsQUESTION 2A person may not disaffirm a contract that was made when he/she was a minor but was ratified by him/her after reaching majority.TrueFalse3 pointsQUESTION 3Factual incapacity is based on the class or group to which a person belongs.TrueFalse3 pointsQUESTION 4Once a contract has been ratified, it no longer can be avoided.TrueFalse3 pointsQUESTION 5An advertisement in a newspaper is an offer that a shopper can accept by coming into the store and paying the price for the item.TrueFalse3 pointsQUESTION 6A contract with a minor is voidable at the minor’s option.TrueFalse3 pointsQUESTION 7Ordinarily, a promise to perform a pre-existing legal obligation is not consideration.TrueFalse3 pointsQUESTION 8True consideration occurs only when the value of one promise is equal to the value of the promise given by the other party.TrueFalse3 pointsQUESTION 9If an offeree accepts an offer BEFORE it is effectively revoked by the offeror:A.an invalid, unenforceable contract is formedB.a valid, enforceable contract is formedC.a voidable contract is formedD.a void contract is formed3 pointsQUESTION 10A counter-offer is:A.a rejection of the original offerB.a revocation of the original offerC.an acceptance of the original offer and an invitation to negotiate furtherD.an acceptance of the original offer3 pointsQUESTION 11A contract is:A.an agreement creating an obligationB.a binding agreementC.an agreement that creates enforceable duties and obligationsD.all of the above3 pointsQUESTION 12An acceptance made in a letter that is mailed but that is never delivered to the offeror:A.has no effectB.is effective as an acceptance at the time it is placed in a U.S. mail box or given to a U.S. post office with the proper postage and the proper addressC.is effective as an acceptance as of the date it should have been received by the offerorD.none of the above3 pointsQUESTION 13An agreement that seems to be voluntary may in fact not be voluntary if:A.undue influence is presentB.physical duress is presentC.economic duress is presentD.all of the above3 pointsQUESTION 14The elements of a contract include all of the following except:A.two or more competent partiesB.an agreementC.an illegal purposeD.consideration3 pointsQUESTION 15A person may disaffirm (avoid) a contract made when he/she was a minor:A.for a reasonable period of time after reaching 18 years of ageB.30 days from learning of his/her right to disaffirm (avoid)C.on his/her 18th birthdayD.one year from the date the contract was made3 pointsQUESTION 16A minor cannot disaffirm (avoid) a contract to purchase a car if the:A.car has been damaged in an accidentB.car has been destroyedC.minor has the car but simply refuses to return itD.car has been stolen3 pointsQUESTION 17A person lacks the capacity to enter into a contract if:A.the person is a chronic alcoholicB.the person, because he/she was drunk at the time, was unable to comprehend that a contract was being madeC.the person sometimes uses illegal drugsD.all of the above3 pointsQUESTION 18In a unilateral contract, the consideration for the promise is:A.the surrender of a claim against the promisorB.a promise to do the act called for by the promisorC.the returning of the promisor’s propertyD.the doing of the act called for by the promisor3 pointsQUESTION 19Which of the following can be considered adequate consideration for an agreement (for an adult over 18 years old)?A.refraining from beating one’s spouseB.refraining from smoking cigarettesC.refraining from using cocaineD.none of the above3 pointsQUESTION 20If one party signs a release that states he or she will give up his or her right to assert a legal claim against the other party, this forbearance to bring the claim is adequate consideration:A.when the claim has been asserted in good faith, regardless of whether or not the party would have won the claimB.whether or not the party would have won the claimC.only if the party would have won the claim and if the party asserted the claim in good faithD.only if the party would have won the claim

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