Business Law I Ch. 7 test review

____ is the legal ability to enter a contract.

• Fraud

• Material fact

• Concealment

• Capacity

Minors who are no longer under the control of their parents can ask the courts to become ______________.

• emancipated

• material fact

• concealment

• capacity

If a minor claims to be over the age of majority, then he or she has committed _______.

• fact

• agreement

• convincement

• fraud

Contracts made by minors are __________ by the minor.

• voidable

• fraud

• valid

• legally binding

After reaching the age of majority, a person can _____, or approve, contrats made during minority.

• write

• ratify

• loss

• agreement

True or False: The law shields minors in the making of contracts.

• True

• False

True or False: The age of majority is 18.

• True

• False

True or False: Legally a person turns 18 the day before his or her 18th birthday.

• True

• False

True or False: An adult must be 21 to legally purchase and transport alcohol.

• True

• False

True or False: A minor may affirm and disaffirm parts of the same contract.

• True

• False