QUESTION 13 Which one of the following individual\'s contracts are voidable? A f
ID: 348676 • Letter: Q
Question
QUESTION 13
Which one of the following individual's contracts are voidable?
A five-year old.
A convicted felon while in prison.
A person who has been declared incompetent.
A seventeen-year old.
4 points
QUESTION 14
Which one of the following contracts would be void?
A seventeen-year old.
A confused person who has not been declared incompetent.
An individual who has just consumed two bottles of beer.
A five-year old.
4 points
QUESTION 15
An eighteen year old may __________ a contract that he/she entered into when he/she was seventeen.
ratify
not avoid
convert
not enforce
4 points
QUESTION 16
If an older teenager purchases a product that is considered a nonnecessary, he/she may
not be released from the contractual obligation because he/she is no longer a child of "tender years".
disaffirm his/her contractual obligations and return whatever he/she acquired.
retain whatever he/she acquired as long as he/she did not misrepresent his/her age.
intentionally destroy whatever he/she acquired and then receive a full refund.
4 points
QUESTION 17
When an older minor misrepresents his/her age, and the contract involves a necessary, he/she most likely will
be required to compensate the other party so that he/she does not incur a loss.
not be liable for the reasonable value of the goods or services that were acquired.
be charged with a misdemeanor known as "impersonating an adult".
be treated no differently than if the contract involved a nonnecessary.
4 points
QUESTION 18
With regard to the legality of a contract, the subject matter may either violate a/an __________ or it may be declared __________.
precedent - - - - consistent with a norm
statute - - - - contrary to public policy
norm - - - -contrary to judicial intent
public policy - - - - an executive duty
4 points
QUESTION 19
A lender, who makes a loan at an interest rate that is above the maximum allowed by state law, could be accused of __________, while a contract entered into on a Sunday might be a violation of a state's __________.
blue laws - - - - usury
bookmaking - - - - religious covenants
usury - - - - blue laws
fraud - - - - police power
4 points
QUESTION 20
Legislators, who oppose the legalization of various forms of gambling, base their opposition on all but one of the following. Which one of the following is NOT a basis for their opposition?
The law of probability works against the gambler and, therefore, creates the risk of loss.
Gambling shifts the risk of loss from the individual to the organization, or promoter.
The most active, long term, gamblers tend to be individuals with relatively low income.
Some gamblers will become addicted and will be unable to cope with their losses.
A.A five-year old.
B.A convicted felon while in prison.
C.A person who has been declared incompetent.
D.A seventeen-year old.
Explanation / Answer
13. C. A person who has been declared incompetent
A minor can enter into a contract in some cases like food, water etc. Also a convicted felon can enter into a enforceable contract but only a declared incompetent can't enter into a contract or that contract would be voidable.
14. C. A person who has just consumed two bottles of beer.
Intoxicated person is considered incompetent and hence this would be a void contract. For minors, it is still enforceable in some cases and option B only says about confusion and hasn't yet been declared incompetent.
15. A. Ratify
A person after attaining the age of 18 may ratify the contract which can be implied or express.
16. C retain whatever he/she has acquired as long as he/she didn't misrepresent his/her age
Explanation : a minor can enter into a contract even for non-necessary purchase, but he or she must do so while representing his/her true age.
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