Chap010 - Chapter 010 : Competent Parties Student: _ 1. The...

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Chapter 010 : Competent Parties Student: ___________________________________________________________________________ 1. The UCC specifies that a competent party is a person of legal age, but fails to take into account the mental state of the individual. BT: Knowledge PO: 1 True False 2. An incompetent party to a contract is not denied the opportunity to benefit from their legal rights. BT: Knowledge PO: 1 True False 3. The responsibility of determining whether a person is competent to contract rests on everyone who enters into a contract with such a person. BT: Comprehension PO: 1 True False 4. The legal age of majority varies from state to state. BT: Knowledge PO: 2 True False 5. The exact time for disaffirmance will vary depending on the nature of the contract and current legislation. BT: Knowledge PO: 2 True False
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6. Disaffirmance may be implied by the acts of the person who has reached legal age and wishes to disaffirm. BT: Knowledge PO: 2 True False 7. The law that protects minors from their contractual commitments intends to deny them the opportunity to enter into contracts for necessaries that are not provided by their parents or a guardian. BT: Knowledge PO: 2 True False 8. The law regards actions on the part of minors that result in emancipation as abandonment. BT: Knowledge PO: 2 True False 9. Emancipated minors are generally liable for necessaries purchased for themselves or supplied to a spouse, just as if they were adults. BT: Knowledge PO: 2 True False 10. A minor is not liable even for the reasonable value of necessaries purchased by him or her. BT: Knowledge PO: 2 True False 11. Minors are always protected against their own wrongdoing. BT: Knowledge PO: 3 True False 12. A minor can be held liable for both crimes and torts. BT: Knowledge PO: 3 True False
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BT: Knowledge PO: 4 True False 14. A mentally ill person may sometimes have lucid periods during which he or she may exercise sound judgment. BT: Knowledge PO: 4 True False 15. If a person makes a contract for necessities under intoxication then such person must pay the reasonable value of necessities received. BT: Knowledge PO: 4 True False 16. Contracts with people who have been declared insane by the courts are void even if the sane people who contracted with them do not know that they had been declared insane by the courts. BT: Knowledge PO: 4 True False 17. Even if a person makes a contract while so intoxicated by alcohol or affected by drug use that he or she is unable to understand the nature and effect of the contract, it is still considered a valid contract. BT: Knowledge PO: 4 True False 18. Minors, insane persons, and mentally impaired persons are usually considered incompetent and lacking in: A. contractual capacity. B. educational qualifications.
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Chap010 - Chapter 010 : Competent Parties Student: _ 1. The...

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