Chapter 13 - CHAPTER 13CONTRACTS AND SALES PERFORMANCE AND REMEDIES TRUE\/FALSE 1 A contract with a minor is voidable at the minor's option ANS T TOP

Chapter 13 - CHAPTER 13CONTRACTS AND SALES PERFORMANCE AND...

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CHAPTER 13—CONTRACTS AND SALES: PERFORMANCE AND REMEDIES TRUE/FALSE 1.A contract with a minor is voidable at the minor's option. PTS: 1 NAT: AACSB: Analytic TOP: capacity 2.A contract with a party who has been declared incompetent is voidable. PTS: 1 NAT: AACSB: Analytic TOP: capacity 3.The contracts of a person who has been declared legally incompetent are void. PTS: 1 NAT: AACSB: Analytic TOP: capacity 4.Minors are liable for the reasonable value of necessaries. PTS: 1 NAT: AACSB: Analytic TOP: capacity 5.Material information is something that would affect the decision to buy or sell. PTS: 1 NAT: AACSB: Analytic TOP: misrepresentation 6.Misrepresentation must be fraudulent before rescission can be permitted. PTS: 1 NAT: AACSB: Analytic TOP: misrepresentation 7.Puffing is sufficient grounds for setting aside a contract on the basis of misrepresentation. PTS: 1 NAT: AACSB: Analytic TOP: misrepresentation 8."This shirt is 100% cotton" is a statement that is puffing. PTS: 1 NAT: AACSB: Analytic TOP: puffing 9. Fraud is misrepresentation with intent to mislead or deceive.
PTS: 1 NAT: AACSB: Analytic TOP: fraud 10.Duress requires proof of physical force. PTS: 1 NAT: AACSB: Analytic TOP: duress 11.Contracts by minors to enter the military are generally viewed as unenforceable. PTS: 1 NAT: AACSB: Analytic TOP: minors 12.Undue influence requires proof of a confidential relationship. PTS: 1 NAT: AACSB: Analytic TOP: undue influence 13.Competency licensing statutes do not prevent enforcement of contracts by unlicensed parties. PTS: 1 NAT: AACSB: Analytic TOP: illegality 14.Contracts with illegal subject matter are voidable. PTS: 1 NAT: AACSB: Analytic TOP: illegality 15.Clickwrap agreements are void. PTS: 1 NAT: AACSB: Analytic TOP: acceptance 16.Unconscionability is an illegality defense. PTS: 1 NAT: AACSB: Analytic TOP: unconscionability 17.Covenants not to compete are valid only in sales of a business. PTS: 1 NAT: AACSB: Analytic TOP: public policy 18.Conditions precedent are events that must happen before contract performance is required. PTS: 1 NAT: AACSB: Analytic
TOP: conditions 19.Substantial performance is available for all types of contracts. PTS: 1 NAT: AACSB: Analytic TOP: substantial performance 20.A force majeureclause is one that provides excuses for nonperformance. PTS: 1 NAT: AACSB: Analytic TOP: force majeure

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