Business Law Chapter 7 Contractual Capacity

Are contracts made while intoxicated voidable?

• Yes

• No

A minor cannot legally enter into a contract for a car and life insurance?

• True

• False

Can an item that isn't considered a necessity be returned by a minor in any condition for a refund?

• Yes

• No

The legal ability to enter into a contract.

• Compensation

• Capacity

• Genuine Agreement

• All of the above.

To avoid.

• Deactivate

• Affirm

• Affirmation

• Disaffirm

Can a minor return necessaries and be guaranteed a refund like they can do for other items?

• Yes

• No, a minor can't be given a refund on necessaries.

• No, a minor can't be guaranteed a refund on necessaries.

• No, but a minor in some circumstances can be given a refund on necessaries.

To show the intent not to live up to the contract by a statement or some other act is

• Reaffirm a contract

• Break the contract

• Disaffirm a contract

• None of the above

A minor who is no longer under the control of their parents is

• Shunned

• Emancipation

• Eschew

• All of the above

How many elements of fraud are there?

• 3

• 4

• 5

• 10

Which is not an element of fraud?

• Correct representation of fact.

• Actual loss must be suffered by the innocent party.

• Party making the misrepresentation must know that it is false.

• Intent to deceive

• Reasonable reliance by the innocent party.