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1. Which of the following is true for a contract made by a minor?
1.Which of the following is true for a contract made by a minor?A) A minor's capacity to contract is never presumed.B) It is barred from ratification.C) It cannot be disaffirmed during minority.D) It is voidable.2._____ is/are essential to a minor's continued existence and general welfare.A) ForbearanceB) EmancipationC) NecessariesD) Considerations3.What is the term used to describe the termination of a parent's right to receive services and wages from a child and to generally control him?A) DisaffirmationB) RatificationC) IncapacityD) Emancipation4.A minor can disaffirm a contract made for ____.A) bank accountsB) educational trainingC) real estateD) life insurance5.Chuck Olson, aged 17, bought a used car from Bobby Duncan on September 15, 2006, agreeing to pay Duncan $200 a month for 12 months. On October 6, 2006, Olson was involved in an accident that damaged the car. On October 7, 2006, Olson told Duncan he wanted to disaffirm the contract for the purchase of the car. Olson attained the age of majority on October 8, 2006. If Duncan sues Olson, in most states he will:A) win, because Olson did not disaffirm until after reaching the age of majority.B) win, because Olson was unable to return the car.C) lose, because Olson did not ratify the contract on the day he attained majority.D) lose, even though Olson cannot return the car.6.Ratification of a contract which is voidable for lack of capacity:A) must be in writing.B) cuts off the right to disaffirm.C) must always have at least two witnesses present at the time of contracting.D) can occur at any time after the contract is made.7."Status quo ante" means:A) that minors can lose the right to disaffirm if they fraudulently misrepresent their age.B) "the condition beforehand," or the position one would be in if a given contract had never come into existence.C) "the state sets the ante," or that the basic risks of entering into contracts are not protected by the state.D) that a minor is totally protected by law on all counts of misbehavior.8.Whether an item can be considered "necessary":A) doesn't depend on who provides for it.B) depends on the circumstances of the agreement.C) doesn't depend on the minors' age.D) depends on the minors' station in life.9.In most states, the agreements of people who have been adjudicated insane are ____.A) unenforceableB) validC) voidD) voidable10.Which of the following statements is true?A) For a person adjudicated insane, his/her personal representatives cannot ratify the contract.B) Minors who have lied about their age can disaffirm their contracts.C) People who regain their mental capacity can ratify their contracts.D) A comatosed person is regarded as legally having the capacity to contract.11.People lacking mental capacity:A) are liable for the reasonable value of necessaries.B) don't need to return any consideration they have received.C) cannot disaffirm their contracts.D) can disaffirm their contracts.12.Under the Uniform Commercial Code, minors who disaffirm their contracts involving goods:A) can reclaim the goods even from third parties.B) can no longer reclaim those goods from innocent third parties.C) have to return consideration even if the goods have been consumed.D) have to return consideration even if it has been stolen from them.13.In which of the following ways do courts prevent minors, who misrepresent their age, from defrauding adults?A) By holding the minor to his/her spoken statements which clearly indicate intent to be bound by the contract.B) By proving them incapable of being held in a contract.C) By ratifying the minor before he/she turns adult.D) By requiring the minor to place the adult in status quo.14.In a contract made by a minor:A) his/her siblings who are also minors can disaffirm the contract on his/her behalf.B) the minor can disaffirm the contract anytime even after attaining majority.C) the minor has the right to disaffirm.D) adult parties to the contract can disaffirm.15.People who regain their mental capacity:A) cannot ratify their contracts.B) can ratify their contracts.C) are still considered to be insane for a reasonable period of time.D) can disaffirm for a reasonable time after regaining mental capacity.16.According to the theory of incapacity, people are presumed to lack the capacity to contract if they are _____.A) obeseB) diabeticC) felonsD) mentally ill17.A contract is voidable due to:A) adjudication of insanity.B) lack of capacity because of minority.C) ratification by minors.D) lack of capacity because of felony.18.If a court later finds that a person lacked mental capacity at the time a contract was entered into, that contract is:A) still valid.B) voidable.C) automatically void.D) disaffirmed.19.When a person has been adjudicated insane:A) the court says that such a person is liable for any value of necessaries.B) the court appoints a guardian or conservator for the person's estate.C) most states hold that the contracts of such persons are voidable.D) the court rules that the person is of unsound mind but has lucid moments.20.A minor's contract for necessaries is:A) estoppable.B) voidable.C) binding on a quasi contract theory.D) unenforceable.21.Jessica, a minor, rented an apartment in Greenwich Village for $800 a month. She signed a one-year lease. After living there for three months, Jessica decided to move to another apartment complex. She is liable for the reasonable value of three months' rent at Greenwich Village, but not for the remaining nine months' rent. This is in accordance with the _____ provision of capacity to contract by minors.A) adjudicationB) emancipationC) disaffirmationD) necessaries22.Under which of the following circumstances can minors disaffirm a contract?A) The minor has given a false statement about his/her age.B) The contract is for real estate.C) The minor has not ratified the contract upon reaching majority.D) The minor is required to place the adult in status quo.23.A person lacking mental capacity must return the other party to status quo when:A) the person lacking mental capacity has already enjoyed the product of the agreement.B) the other party was unaware of the person's lack of mental capacity.C) the person lacking mental capacity has passed on the product of agreement to someone else.D) the other party was aware of the person's lack of mental capacity.24.When a minor reaches the age of majority, he/she:A) should renew his contract in order to disaffirm the contract legally.B) must put his intent to disaffirm in writing shortly before reaching majority.C) may disaffirm a contract for a reasonable time after reaching majority.D) can no longer be ratified.25._____ means that a general hearing was held on the person's mental competency, and the court determined that the person was of unsound mind and appointed a guardian or conservator of the person's estate.A) RatificationB) EmancipationC) IncapacitationD) Adjudication26.What is the term used for the willingness of adults who indicate an intent to be bound by contracts entered while still minors?A) DisaffirmanceB) EmancipationC) RatificationD) Forbearance27.In cases involving contractual incapacity caused by insanity:A) the rules state that the person must be accompanied by at least two witnesses at the time of contracting.B) the rules regarding necessaries are basically the same as in the case of minors.C) the contract is always void.D) the contract is always estopped.28.Hans bought a stylish sports car when he was 15. Two weeks after he turned 18, he sold the car to his neighbor. In this scenario:A) Hans may recover the cost of the car from the dealer who sold it to him when he was 15.B) Hans cannot disaffirm the contract because he sold the car.C) Hans can disaffirm the contract as it was never a valid ownership.D) Hans may disaffirm the contract even after he sold the car.29.Under the common law, minors:A) are entitled to the return of their property given as consideration even if they have been ratified.B) are entitled to the return of their property given as consideration, even if that property is possessed by a third party at the time of disaffirmation.C) are entitled to the return of their property given as consideration only upon attaining majority.D) are not entitled to the return of their property given as consideration.30.Under which of the following situations can a person suffering from mental impairment have the legal capacity to contract?A) If the person is intoxicated from drugs or alcohol, but is not mentally retarded.B) If the person entered a binding contract during a lucid moment.C) If the person is married.D) If the contract is for necessaries provided by parents.
