Chapter 5 Business Law

Convicts may lack contractual capacity.

• True

• False

Contracts made by minors are voidable by the minor.

• True

• False

The act of deciding to not live up to a contract.

• Minor

• Assumption

• Disaffirm

• Capacity

Minors can be held to contracts that involve

• Homeowners insurance

• Renters insurance

• Life insurance

• Car insurance

If an agreement violates a usury statute, what type of violation occurred?

• One party committing a tort

• More than the maximum legal interest rate was charged

• Gambling debts were enforced

• Allowing someone without a required license to work

Chapter 5 covers these three features of a valid contract. Select all.

• Capacity

• Consideration

• Legality

• Offer

Which below explains an unreasonable agreement not to compete, which is contrary to public policy?

• The law protects the right to make a living

• Restraints on former owners competing with former businesses

• Protecting someone from arrest or bribing a juror

A law that requires some contracts to be written.

• Statute of Law

• Statute of Frauds

• Statute of Policy

• Statute of Terms

Gambling is a form of contract that must be in writing

• True

• False

Contracts to pay someone else's debts must be in writing.

• True

• False