BUS 311 Week 2 Quiz Chapter 010

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BUS 311 Week 2 Quiz Chapter 010

  1. The UCC specifies that a competent party is a person of legal age, but fails to take into account the mental state of the individual.

BT: Knowledge

PO: 1

True False

  1. An incompetent party to a contract is not denied the opportunity to benefit from their legal rights.

BT: Knowledge

PO: 1

True False

  1. The responsibility of determining whether a person is competent to contract rests on everyone who enters into a contract with such a person.

BT: Comprehension

PO: 1

True False

  1. The legal age of majority varies from state to state.

BT: Knowledge

PO: 2

True False

  1. The exact time for disaffirmance will vary depending on the nature of the contract and current legislation.

BT: Knowledge

PO: 2

True False

  1. Disaffirmance may be implied by the acts of the person who has reached legal age and wishes to disaffirm.

BT: Knowledge

PO: 2

True False

  1. The law that protects minors from their contractual commitments intends to deny them the opportunity to enter into contracts for necessaries that are not provided by their parents or a guardian.

BT: Knowledge

PO: 2

True False

  1. The law regards actions on the part of minors that result in emancipation as abandonment.

BT: Knowledge

PO: 2

True False

  1. Emancipated minors are generally liable for necessaries purchased for themselves or supplied to a spouse, just as if they were adults.

BT: Knowledge

PO: 2

True False

  1. A minor is not liable even for the reasonable value of necessaries purchased by him or her.

BT: Knowledge

PO: 2

True False

  1. Minors are always protected against their own wrongdoing.

BT: Knowledge

PO: 3

True False

  1. A minor can be held liable for both crimes and torts.

BT: Knowledge

PO: 3

True False

  1. Persons of unsound mind are considered emancipated.

BT: Knowledge

PO: 4

True False

  1. A mentally ill person may sometimes have lucid periods during which he or she may exercise sound judgment.

BT: Knowledge

PO: 4

True False

  1. If a person makes a contract for necessities under intoxication then such person must pay the reasonable value of necessities received.

BT: Knowledge

PO: 4

True False

  1. Contracts with people who have been declared insane by the courts are void even if the sane people who contracted with them do not know that they had been declared insane by the courts.

BT: Knowledge

PO: 4

True False

  1. Even if a person makes a contract while so intoxicated by alcohol or affected by drug use that he or she is unable to understand the nature and effect of the contract, it is still considered a valid contract.

BT: Knowledge

PO: 4

True False

  1. Minors, insane persons, and mentally impaired persons are usually considered incompetent and lacking in:

A. contractual capacity.

B. educational qualifications.

C. social culture.

D. ethics.

  1. A competent party is said to have contractual capacity, that is, the ability to:

A. amend the contract.

B. disaffirm the contract.

C. make a valid contract.

D. impose undue influence.

  1. A person who is of legal age, of at least normal mentality, and capable of understanding a contract is known as a:

A. competent party.

B. contracting party.

C. valid participant.

D. contractor.

  1. A person who has not yet reached the age of majority is considered a:

A. minor.

B. contractor.

C. competent party.

D. participant.

  1. Most contracts made by persons who have not reached the age of majority are:

A. void.

B. valid.

C. voidable.

D. enforceable.

  1. According to the interesting coming of age rule in common law, a person who was born on and celebrates his or her 18th birthday on April 26 in a state where the age of majority is 18, becomes an adult at:

A. 12:01 a.m. April 25.

B. 12:01 a.m. April 26.

C. 12.00 a.m. April 25.

D. 12:00 a.m. April 26.

  1. As per the _____, a person attains the age of majority on the anniversary date of his or her birth.

A. coming of age rule

B. astrology predictions

C. modern birthday rule

D. choice of that person

  1. The status of a contract between a minor and an adult is generally:

A. subject to the minor's disaffirmance.

B. voidable at the instance of either party.

C. voidable at the instance of a third party.

D. subject to the adult's ratification.

  1. Once a minor reaches the age of majority, in order to make the contracts entered into by the minor enforceable, it must be:

A. avoided.

B. validated.

C. disaffirmed.

D. ratified.

  1. Disaffirming a contract would amount to:

A. ratifying the contract.

B. avoiding the contract.

C. extending the contract.

D. disapproving a tripartite contract.

  1. If a minor enters into a contract relating to food, shelter, clothing, employment, and medical care, then such a contract is known as a:

A. contract of forbearance.

B. contract for service.

C. contract of service.

D. contracts for necessaries.

  1. Once the minor reaches the legal age of majority, and if he or she agrees to the terms of the contract, then the contract is said to be:

A. ratified.

B. disaffirmed.

C. attested.

D. stamped.

  1. If a reasonable period of time passes after a minor reaches legal age and he or she has said nothing about disaffirming the contract, then in the eyes of the law it is considered as:

A. disaffirmed.

B. ratified.

C. negligence.

D. a void contract.

  1. In the case of minors' contracts, silence or inaction is the basis for a(n) ____ contract becoming a valid, enforceable contract through ratification.

A. void

B. illegal

C. legal

D. voidable

  1. With regard to minors' contracts, silence or inaction is the basis for a voidable contract becoming a valid and enforceable contract through:

A. justification.

B. clarification.

C. ratification.

D. ramification.

  1. Disaffirmance may be done by the minor:

A. before receiving the consideration.

B. within a day after reaching adulthood.

C. after receiving the consideration for the contract.

D. within reasonable time after reaching adulthood.

  1. Once a minor reaches the legal age of majority, and if he or she disagrees to the terms of a contract and expresses his unwillingness to continue with the contract within a reasonable time, then the contract is said to be:

A. stamped.

B. attested.

C. disaffirmed.

D. approved.

  1. The nature of a contract for necessaries must bear some relationship to a minor's individual needs and to his or her:

A. legal understanding.

B. financial status.

C. professional status.

D. moral behavior.

  1. In some states the minor may avoid the contract even if he or she falsely represented himself or herself as:

A. being of age.

B. a minor.

C. being under force or duress.

D. being bankrupt.

  1. Once a minor marries, or voluntarily separates from parents or guardians, he or she assumes adult responsibilities and is considered to have:

A. matured.

B. been emancipated.

C. abated.

D. been appended.

  1. If a minor has paid more than he or she should have been charged, then he or she can:

A. seek for specific performance.

B. not file a civil suit against the other party.

C. recover punitive damages.

D. recover the overcharged amount.

  1. In some cases, the courts have held that contracts made by minors who are nearly adults or that deal with a business are:

A. enforceable contracts.

B. voidable contracts.

C. void contracts.

D. invalid contracts.

  1. In some cases, the courts have held that contracts made by minors who are nearly adults or that deal with a business are:

A. unenforceable by the minors.

B. enforceable by the minors.

C. enforceable by the parents or the guardians of the minors.

D. not enforceable by the parents or the guardians of the minors.

  1. A minor can be held liable if he or she makes damaging statements in writing for the act of:

A. libel.

B. slander.

C. conversion.

D. nuisance.

  1. Persons of unsound mind are considered incompetent to make binding contracts because they are assumed to lack the mental capacity to safeguard:

A. other's interests.

B. administrative affairs.

C. their own affairs.

D. political affairs.

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