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Exam 11: Competent Parties

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Question 21

Multiple Choice

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Once a minor reaches the legal age of majority,and if he or she disagrees to the terms of a contract and expresses his or her 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.

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verified

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Question 22

Multiple Choice

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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.

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Question 23

Multiple Choice

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

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.

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

Is a contract made by a person under the influence of drugs binding? Explain.

Disaffirmance may be done by the minor:

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

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

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

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

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

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

Describe competent parties,and how they relate to the capacity to contract.

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:

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

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.

In a contract between a minor and an adult,the minor has the privilege of disaffirmance.Are there circumstances under which the minor may not cancel the contract?

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

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