BUS 115 Chapter 8 Contract Law

A contract is :

• Document
• Promissory Note
• Promise
• Guarantee

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

The elements of a contract include all but the following element:

• Offer and acceptance
• Capacity
• Consideration
• Promissory Estoppel

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