Question 1: To disaffirm a contract, a minor must act before reaching the age of majority.
Question 2: What constitutes a necessary for a minor will depend on the particular minor's own individual circumstances.
Question 3: The age of majority in most states is 21.
Question 4: All gambling contracts are illegal.
Question 5. Sid is a 15-year-old sophomore at East High School. He purchases a computer at a local store for a computer class, but wants to return it after using it for a couple of weeks because his classmates have nicer computers than his and he wants to get one of the better models. Sid can:
a. Not return the computer because he ratified the contract by using the computer.
b. Not return the computer but only be liable for its fair value if the computer is considered to be a necessary.
c. Not return the computer because Sid should not have entered a contract as a minor, and because he did, he will be treated as an adult.
d. Be required to return the computer whether he wants to or not because minors cannot enter into contracts.
Question 6. Which of the following is true?
a. Contracts can be classified as either voluntary or involuntary.
b. All contracts are legally enforceable.
c. The terms of a valid contract become private law between the parties.
d. Contract promises are generally not enforced by the courts.
Question 7. In a unilateral contract:
a. The offeror wants an act as acceptance of his offer.
b. The offeror cannot revoke the offer once the offeree has begun performance or has substantially completed performance.
c. The offeror will treat either a promise to perform or the actual performance of the act as acceptance of his offer.
d. A and B only.
Question 8. An agreement that is lacking consideration:
a. Is not enforceable, and thus cannot be performed .
b. Is enforceable only if in writing.
c. Will be enforced only against the party who gave consideration.
d. Will not be enforced, but can be voluntarily performed.
Question 9. Which of the following is correct about contracts entered into by insane persons?
a. Contracts entered into by all insane persons are void.
b. Contracts entered into by all insane persons are voidable.
c. Contracts entered into by persons adjudicated insane are void, and those entered into by nonadjudicated insane persons are voidable.
d. Contracts entered into by persons adjudicated insane are voidable, and those entered into by nonadjudicated insane persons are void.
Question 10. Jana and Annie enter into a written agreement whereby Jana promises to sell and Annie promises to buy a certain parcel of land for $5,000. There is adequate consideration, the contract is legal and both parties have contractual capacity. The contract is fully performed by both parties on Jan. 1. Which of the following best describes this contract?
a. Bilateral, express, executed, valid.
b. Unilateral, express, executed, valid.
c. Unilateral, express, executory, valid.
d. Bilateral, express, executory, valid.