BL-Chapter 8 Quiz (o) - CHAPTER 8 QUIZ TRUE/FALSE QUESTIONS...

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CHAPTER 8 QUIZ TRUE/FALSE QUESTIONS Indicate whether the statement is true or false by placing a “T” or an “F” to the left of the question number. Do not place your answer at the end of the statement. One point per question; 15 points possible. 3. For a minor to disaffirm a contract, he or she must present the con- tract to a court. 5. When a minor disaffirms a contract, he or she cannot keep whatever he or she has received as a result of the contract without paying for it. 7. In some states, misrepresentation of age by a minor is enough to pro- hibit disaffirmance. 9. If a contract is fully performed by all parties to it, then it is presumed to have been ratified. 11. A person who enters into a contract when he or she is intoxicated can void the contract if he or she did not comprehend the legal conse- quences. 15. Gambling involves the distribution of property by chance among per- sons who have paid valuable consideration for the opportunity to re- ceive it. 17. All states require that members of certain professions to have li- censes. 19. An adhesion contract is a contract drafted by one party and pre- sented to another on a take-it-or-leave-it basis. 23. A unilateral mistake always gives the mistaken party a right to relief from the contract. 25. A mistake in value will rarely enable a party to a contract to avoid the contract. 27. An innocent party does not need to suffer an injury to collect dam- ages as a result of a misrepresentation. 29. Misrepresentation can occur through conduct. 31. A deceived person must have a justifiable reason for relying on a mis- representation. 33. A prenuptial agreement must be in writing to be enforceable. 35. An oral contract may be enforceable if enforcing the promise is the only way to avoid injustice. MULTIPLE CHOICE QUESTIONS Highlight or underline the choice that best completes the statement or an- swers the question. One point per question; 15 points possible.
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3. Olivia, a minor, signs a contract to buy a bike from Phil, the owner of SuperCycles Bike Store. Olivia’s right to disaffirm the contract a. does not change the fact that Phil is bound by the contract.
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