Chapter 6 Quiz Sample Solutions

Chapter 6 Quiz Sample Solutions - 1 Answer Key Chapter 6 1....

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Answer Key – Chapter 6 1. A 2. B 3. A 4. D 5. B 6. B 7. C 8. C 9. B 10. B 11. A 12. D 13. C 14. D 15. B
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Answer Key with Explanations Question #1 Answer: A Explanation: Consideration may be referred to more formally as “adequate, good and sufficient, and valuable consideration.” Question #2 Answer: B Explanation: A valid contract may be enforceable even if it contains conditions. Question #3 Answer: A Explanation: A minor may not appoint an agent because a minor does not have the capacity to contract. Question #4 Answer: D Explanation: Generally, a convict may acquire and convey property freely. The only exception would be if the transfer of property poses a threat to public safety. Question #5 Answer: B Explanation: Not all contracts are required to be in writing, although contracts concerning real estate must comply with the statute of frauds. The four necessary elements for a valid contract are mutual consent, capacity, consideration, and a legal objective. Question #6
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This note was uploaded on 01/26/2012 for the course FIN 365 taught by Professor Staff during the Spring '11 term at S.F. State.

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Chapter 6 Quiz Sample Solutions - 1 Answer Key Chapter 6 1....

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