Business Law: Chapter 7

Which one of the elements of a contract relate directly to minors?

• Consideration

• Capacity

• Legality

• Genuine Acceptance

There are 5 elements to a binding contract.

• True

• False

The legal ability to enter into a contract is called?

• Consideration

• Legality

• Capacity

• Ratification

If a minor claims to be over the age of majority, he or she has committed what?

• Perjury

• Fraud

• Concealment

• Duress

Rebuttable presumption is when individuals presume that the other party has the capacity to enter into a contract.

• True

• False

For legal purposes, people reach majority when?

• On their 18th birthday

• The day after their 18th birthday

• When they turn 21

• The day before their 18th birthday

A minor who is no longer under the control of their parents, is said to be ?

• Emancipated

• Abandoned

• Disaffirmed

• Misrepresented

The age of majority in most states is ?

• 16

• 12

• 21

• 18

The legal age to buy alcohol is ?

• 12

• 18

• 21

• 102

For what reasons does the law shield minors in making contracts?

• Immaturity

• Inexperience

• Lack of Education

• All of these