Contract Law Part 2

If a minor does not disaffirm a contract, it will be ratified:

• if parents get involved

• when they reach majority

• if they are intoxicated

• only if necessary

Most contracts made by minors would be considered:

• void

• voidable

• unenforceable

• illegal

You have the right to sue a person who breaches a contract made with you.

• true

• false

A person may win a lawsuit for fraud even if no loss is suffered.

• true

• false

Consideration requires each party of the contract to:

• make a promise

• pay money

• be nominal

• to be of legal age

"True and complete agreement"

• capacity

• genuine assent

• consideration

One of the characteristics of consideration is that it must involve something of value.

• true

• false

Age of majority in most states is

• 16

• 18

• 20

• 21

Without genuine assent, a contract is:

• fraud

• misrepresentation

• void

• voidable

Giving up something that one has the legal right to do is a type of

• benefit

• forbearance

• detriment

• obligation