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KNOWLEDGE IS POWERBusiness Law SolutionsBusiness Law SolutionsMonday, November 5, 2012Monday, November 5, 2012Chapter 13Chapter 13Capacity and LegalityTRUE/FALSE QUESTIONSA1. When both parties to a contract are minors, neither of them may disaffirm the contract.
NAT: AACSB Reflective AICPA LegalB1. An adult may avoid any contract with a minor.
NAT: AACSB Analytic AICPA LegalA2. A minor’s right to disaffirm a contract terminates sixty days after the contract’s date.
NAT: AACSB Analytic AICPA LegalB2. Contractual capacity refers to the legal ability to enter into a contract.
NAT: AACSB Analytic AICPA LegalA3. Contractual capacity refers to the legal ability to disaffirm a contract.
NAT: AACSB Analytic AICPA LegalB3. A minor may disaffirm a contract only after attaining the age of majority.
NAT: AACSB Reflective AICPA LegalA4. The age of majority in most states is eighteen years.
NAT: AACSB Analytic AICPA LegalB4. A minor may avoid any contract with an adult.
NAT: AACSB Analytic AICPA LegalA5. All contracts between adults and minors are void.
NAT: AACSB Analytic AICPA LegalB5. When a minor disaffirms a contract, he or she can keep whatever property is in his or her possession as aresult of the contract.
NAT: AACSB Analytic AICPA LegalA6. A minor may disaffirm a contract only if the subject matter is illegal.
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