1. Consideration for a contract cannot be based upon: a value given currently b.
ID: 422823 • Letter: 1
Question
1. Consideration for a contract cannot be based upon: a value given currently b. value promised in the future c. value already given in the past d. the relinquishment of a right, such as the right to sue T F 2. Most contracts involve some exchange of money, property, or services T F 3. A minor is prohibited from entering into a contract. TF 4. An adult is prohibited from contracting with a minor. TF5.An adult can disaffirm a contract entered into with a minor. T F 6. A minor can disaffirm a contract entered into with an adult T F 7. An intoxicated person can have sufficient capacity to contract T F 8. A court will probably determine a contract to sell real estate worth $50,000 for Si unenforceable due to inadequate consideration. 9. A pledge to the Muscular Dystrophy Telethon will probably be enforceable even if 10. A written signed promise to make a gift does not require consideration and will be 11. Smith owes $7,500 on his car loan. He sends a check for $800 with the notation TF no value is given in return for the pledge. T F enforceable T F payment in full." This is an accord& satisfaction and will terminate the balance of Smith's obligation. T F 12. Contracts entered into between a minor and an adult are voidable by both parties. 13. A minor may be held to a contract if: a. the contract involves necessary items b. she misrepresented her age to the other party c. she is emancipated at the time d. all of the above T F 14. A minor can disaffirm a contract before reaching the age of majority T F 15. A minor can ratify a contract before reaching the age of majority T F 16. An adult who co-signs on a loan for a minor can be held liable for that obligation.Explanation / Answer
1. d. Relinquishment of a right, such as right to sue.
2. True
3. False
4. True, there can't be a contract between adult and a minor but a minor can enter an already made contract.
5. False
6. True
7. False, legally if the person is intoxicated and known to himself and others, he cannot make a contract.
8. False, there can be the contract to sell property for a dollar without interference of court but taxes would be imposed on the buyer.
9.True, because a pledge is also a contract, hence a charitable pledge is also enforceable.
10. True
11. False
12. False, they are voidable by only minors but not adults.
13. d. All of the above.
14. True
15. False, minor can ratify the contract after reaching maturity.
16. True.
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