Business Law Ch5

To disaffirm a contract means to show the intent not to live up to the contract

• True
• False

Capacity is the legal ability to

• disaffirm a contract
• enter into a contract
• assume that an argument is untrue
• show intent not to live up to a contract

Ratification is the act of agreeing to

• void a contract
• search a minor student
• go along with the terms of a contract that could have been voided
• sue one of the parties to a contract

To disaffirm a contract means to

• agree to all terms and conditions
• prove a contract valid or invalid
• renew an existing contract
• show the intent not to live up to the contract

An emancipated minor is one who

• is under the legal control of his or her parents
• is no longer under the legal control of his or her parents
• lacks the legal capacity to enter into a contract
• shows intent not to live up to a contract

The Statute of Frauds requires that certain contracts be

• fair to all parties involved
• read by the court prior to signature
• written so there is evidence that the contract exists and has definitive terms
• free of stipulations

Which is one of the three characteristics of consideration

• the benefits and detriments that make up consideraton must be legal
• doing what you have the right not to do
• refusing to enforce the entire contract
• markinga contract to indicate that is a formal agreement

Which of the following is not a type of consideration?

• money
• property
• writing a fair contract
• promising not to sue

Which of the following is not a type of detriment?

• giving up something that you have the right to keep
• reading the terms of the agreement
• doing something that you have the right not to do
• not doing something that you have the legal right to do

Which is a contractual situation in which consideration does not apply?

• an exchange of money for goods or services
• a promise not to sue
• an exchange of money for property
• a charitable pledge