Which of the following is least likely to constitute ratification of a contract made by a minor? (Po

Which of the following is least likely to constitute ratification of a contract made by a minor? (Points : 1)        Performing one’s duties under the contract after reaching the age of majority.
       Accepting performance from the other party to the contract after the age of majority.
       Failing to disaffirm a completely executory contract within one month after the age of majority.
       Making an oral statement that “I ratify the contract.” Question 2.2. Under the Restatement (Second) of Contracts, intoxication will make a contract voidable if the other party had reason to know that the intoxicated person was so intoxicated that he/she did not understand the transaction. (Points : 1)        True
       False Question 3.3. In almost all states today, the age of contractual capacity is eighteen. (Points : 1)        True
       False Question 4.4. Mike Minor buys some real estate for investment purposes. The contract obligates Mike to make monthly installment payments for ten years. Mike reaches the age of majority one month after making the contract. After this, Mike makes 25 monthly payments under the contract, but then decides that he wants to rescind (disaffirm) the deal. Which of the following is most true? (Points : 1)        Mike can disaffirm.
       Mike cannot disaffirm because contracts for the sale of land can only be disaffirmed before the age of majority.
       Mike cannot disaffirm because contracts for the sale of land must be disaffirmed within one year of the age of majority.
       Mike cannot disaffirm because he has already ratified the contract. Question 5.5. Contracts that affect title to real estate cannot be disaffirmed until the age of majority. (Points : 1)        True
       False Question 6.6. A contract made by a person who has been adjudicated to be insane and institutionalized or put under a guardian’s care is void rather than voidable. (Points : 1)        True
       False Question 7.7. Which of the following is true in a situation wherein a minor lies about her age in order to induce the adult to enter into the contract with her? (Points : 1)        Today, some courts will allow the minor to disaffirm the contract despite the lie.
       Traditionally, the courts would not allow the minor to disaffirm the contract when the minor lied because this approach would reward dishonesty.
       Today, all courts agree that a minor can disaffirm the contract despite the lie.
       Today, all courts agree that a minor cannot disaffirm the contract if the minor lied.
       None of the above Question 8.8. Percy is a rich boy whose parents supply him with every conceivable necessity of life. While still a minor, Percy buys a coat on credit from a men’s store for $5000. After wearing the coat for a while, Percy decides that it bores him and that he’d like to disaffirm. Which of the following is most likely to be true? Assume that Percy is still a minor. (Points : 1)        Percy can disaffirm the contract, and he must return the coat.
       Percy cannot disaffirm the contract, but he only is liable for the reasonable value of the coat.
       Percy cannot disaffirm the contract, and he is liable for the full price of the coat ($5000).
       Percy can disaffirm the contract and he need not return the coat. Question 9.9. In most states today, minors have the right to disaffirm medical insurance contracts. (Points : 1)        True
       False Question 10.10. The traditional rule is that, where the consideration given a minor under a minor’s contract has been lost, stolen, or dissipated, the minor can disaffirm without compensating the adult for the loss in any way. (Points : 1)        True
       False Question 11.11. Under the theory that alcohol and drug use should not be rewarded, today most courts say that contracts made by intoxicated people are perfectly binding, no matter how severe the intoxication. (Points : 1)        True
       False Question 12.12. Cindy Smith, age 16, buys a 1973 Chevy Camaro from Mike Mason, age 23, for $400. Cindy’s indulgent parents, who give her everything she wants, loaned her the money for the car. The reason for Cindy’s purchase is that all her friends have cars and she feels left out without one. One week after buying the car, however, Cindy changes her mind and tells Mike that she wants to disaffirm the contract. When Mike comes to pick up the car and give Cindy her money, though, Cindy changes her mind again, telling Mike that “I’ll stick by the deal.” But when Cindy’s parents gave her a new car for her seventeenth birthday, she finally decides to disaffirm once again. Which of the following is true? (Points : 1)        Cindy cannot disaffirm because the car is a necessary.
       Cindy cannot disaffirm because she ratified the contract by saying “I’ll stick by the deal.”
       Cindy cannot disaffirm because we have a sale of goods and Article 2 of the UCC says that 16 is the age of contractual capacity.
       Cindy can still disaffirm. Question 13.13. A minor may disaffirm her contract: (Points : 1)        During the time that she is still a minor
       Within a reasonable period of time after she becomes an adult
       Unless she received a necessity, and, if so, she must pay for its reasonable value
       All of the above Question 14.14. Though the law regarding minors’ contracts is designed to encourage adults to deal with minors, the opposite is true if the subject matter of the contract involves a necessity. In other words, the law regarding minors’ contracts for necessities is designed to discourage adults from dealing with minors. (Points : 1)        True
       False Question 15.15. A contract made by a mentally impaired person who HAS NOT been adjudged insane by a court of law: (Points : 1)        A) Can only be disaffirmed after the person has regained his mental capacity.
       B) Can only be ratified after the person has regained his mental capacity.
       C) Normally is void rather than voidable.
       D) A and B are true. Question 16.16. A person who is older than the age of majority may disaffirm a contract if: (Points : 1)        The other party is a minor who lied about his age.
       The other party is an emancipated minor.
       The contract is for necessaries.
       None of the above. Question 17.17. In virtually all the states today, a minor’s misrepresentation of his age has no effect on his ability to disaffirm a contract. (Points : 1)        True
       False Question 18.18. A person who at the time of the contract lacked capacity due to mental impairment can ratify the contract once he regains his normal mental faculties. (Points : 1)        True
       False Question 19.19. Which of the following is true about situations where a minor or former minor tries to disaffirm an executed contract in which the consideration furnished to the minor has been lost, stolen, or dissipated? (Points : 1)        The traditional rule here is that the minor cannot disaffirm because the minor has nothing to give back to the other party.
       The traditional rule here is that the minor cannot disaffirm because the contract is executed, and only executory contracts can be disaffirmed.
       Today, the courts all agree that a minor can disaffirm here–without giving anything back to the adult.
       None of the above. Question 20.20. In the case of Young v. Weaver, Judge Murdock ruled that the apartment furnished to Young was not a necessity under the circumstances of this particular case and that Young would therefore not be required to pay the landlord for unpaid rent or damage done to the apartment by Young’s dog. (Points : 1)        True
       False

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