Contract Questions

The traditional rule here is that the minor cannot

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Unformatted text preview: er rejection 514. a. b. c. d. Which of the following is not generally required in order to have a valid contract? Mutual assent A lawful purpose Fairness of the bargain Parties who have contractual capacity 515. a. b. c. d. Which of the following is ordinarily competent to give binding assent to a contract? teenagers (under 18) convicts insane persons persons under guardianship 516. a. b. c. d. Which of the following is required for a “firm offer?” merchant, consideration, offer, acceptance option counteroffer merchant, in writing, signed, not over 90 days 517. Which of the following is true about situations where a minor or former minor tries to disaffirm a completed contract in which the consideration furnished to the minor has been lost, stolen, or dissipated? a. The traditional rule here is that the minor cannot disaffirm because the minor has nothing to give back to the other party. b. The traditional rule here is that the minor cannot disaffirm because the contract is completed, and only uncompleted contracts can be disaffirmed. c. Today, the courts all agree that a minor can disaffi...
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