16. Caveat emptor means a. Let the seller beware b. Let the buyer beware c. Let

Question

16. Caveat emptor means a. Let the seller beware b. Let the buyer beware c. Let minors beware d. All of the above 17. Minor's contracts are voidable a. At the option of the minor onlhy b. At the option of the adult only One year after reaching the age of majority None of the above c. d. 18. Contracts for luxuries are a. b. c. d. Binding on all minors Binding on poor minors Not binding on minors All of the above 19. Contracts may not be rescinded on the grounds that the a. b. c. d. Contracting party was illiterate Contracting party was drunk at the time of signing the contract Contracting party was insane None of the above 20. Minors may a. Not disaffirm their contracts at any time b. Disaffirm their contracts any time before reaching the legal age c. Disaffirm their contracts any time after reaching the legal age d. None of the above 21. Consideration is a. Required in most contracts b. Anything of value, not necessarily money c. A bargained-for-exchange d. All of the above 22. A promise to give B $10,000 if B agrees to give up smoking. B's promise would be an example of a. good consideration b. past consideration c. no consideration d. all of the above 23. A teacher who teaches children after the regular school hours provides a. Illegal consideration b. Past consideration c. Good consideration d. None of the above

Explanation / Answer

Ans 16: b. Let the buyer beware

Explanation: Caveat emptor means that the buyer himself is responsible for checking the quality of the goods he is purchasing.

Ans 17: a. At the option of the minor only

Explanation: Minor's contracts are voidable at the discretion of the minor who has entered into the contract under the common law.

Ans 18: c.Not binding on minors

Explanation: Contracts are binding on minors only if they are serving the necessities of the minor and services provided are not luxury.

Ans 19: b. Contracting party was drunk at the time of signing the contract

Explanation: The contract can't be rescinded on the grounds that the party was drunk unless the intoxication was induced by the other party to take advantage of the drunk party.

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