In complete sentences, answer each of the following questions. I will provide you comments back on your submitted assignment..
1) Briefly describe the rights of a minor to disaffirm a contract entered into prior to reaching majority age (18).
2) Aunt Sue has communicated to Nephew Norm in a letter that she will give him $5,000 on the first day of next month. Next month arrives, and Aunt Sue changes her mind. Can Nephew Norm win an action for breach of contract against Aunt Sue? Why or why not?
3) A milk distributor had a five year contract with the Elmira School District for the sale and delivery of the students' individual milk containers. The wholesale milk prices rise significantly during the term of this contract, and the milk distributor is no longer making a profit on this contract. Can the milk distributor "walk away" from this contract because of his losses? Explain your answer.
4) Regarding auctions, briefly describe the difference in an auction between with reserve and an auction without reserve.