In complete sentences, answer each of the following questions. (5 points each)I

Question

In complete sentences, answer each of the following questions. (5 points each)I will provide you comments back on your submitted assignment..

1) Briefly describe the rights of a minor to disaffirm a contract entered into prior to reaching majority age (18).

2) Aunt Sue has communicated to Nephew Norm in a letter that she will give him $5,000 on the first day of next month. Next month arrives, and Aunt Sue changes her mind. Can Nephew Norm win an action for breach of contract against Aunt Sue? Why or why not?

3) A milk distributor had a five year contract with the Elmira School District for the sale and delivery of the students' individual milk containers. The wholesale milk prices rise significantly during the term of this contract, and the milk distributor is no longer making a profit on this contract. Can the milk distributor "walk away" from this contract because of his losses? Explain your answer.

4) Regarding auctions, briefly describe the difference in an auction between with reserve and an auction without reserve.

Explanation / Answer

1) Briefly describe the rights of a minor to disaffirm a contract entered into prior to reaching majority age (18).

Minors have complete rights to disaffirm a contract anytime even if they are still minor, and also within the reasonable time after reaching the majority age. Suppose the minor person fails to affirm his/her contract even after reaching the majority age , then the court will hold the contract as  ratified. It means the minor will state in verbally or writing that he/she will be bound to the contract.A contract by a minor is voidable at the option of that minor, lead to several exceptions.In order to apply the option to avoid a contract, a minor need to clearly show an intention not to be bound by it.

2) Aunt Sue has communicated to Nephew Norm in a letter that she will give him $5,000 on the first day of next month. Next month arrives, and Aunt Sue changes her mind. Can Nephew Norm win an action for breach of contract against Aunt Sue? Why or why not?

No, Nephew cannot win an action breach of contract against Aunt sue. It is more like a gift rather than a contract, The fact that there is no agreement between two parties. The four elements, which are contractual capacity , agreement, legality and consideration in order to establish a new valid contract is not exist in between two parties. when there is no ontract then there can't be any breach of contract.

3) A milk distributor had a five year contract with the Elmira School District for the sale and delivery of the students' individual milk containers. The wholesale milk prices rise significantly during the term of this contract, and the milk distributor is no longer making a profit on this contract. Can the milk distributor "walk away" from this contract because of his losses? Explain your answer.

No , The milk distributor cannot " walk away" from the contract because he losses. This will be breach of contract. Even if he/she losses or gains needs to go along with the process of pre-existing duty due to un-predicted difficulties . Since the rapid and significant rise in the price of the milk was something that both the parties did not expect, so the court may provide an exception for this un predictable situation.The court may make the decision of cancelling the contract to make benefit for both parties.

4) Regarding auctions, briefly describe the difference in an auction between with reserve and an auction without reserve.

For the auction to be not reserved then it must be openly stated if not all the auctions will be reserve. In reserve auction, Before auctioneer closes the sale ,the person who is selling the product can able to remove the product. This can be done by the announce mentor or who is conducting bidding. In an without reserve auction the person is prohibited from bidding or he is not allowed to withdraw or remove their item once bid is made and the items are sold with highest bidder.

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