Contract Questions

C percy cannot disaffirm the contract and he is

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Unformatted text preview: law. b. legally binding on both parties. c. voidable at Payne’s option. d. voidable at Steven’s option. 367. Percy is a rich boy whose parents supply him with every conceivable necessity of life. While still a minor, Percy buys a coat on credit from a men’s store for $5000. After wearing the coat for a while, Percy decides that it bores him and that he’d like to disaffirm. Which of the following is MOST likely to be true? Assume that Percy is still a minor. a. Percy can disaffirm the contract, and he must return the coat. b. Percy cannot disaffirm the contract, but he only is liable for the reasonable value of the coat. c. Percy cannot disaffirm the contract, and he is liable for the full price of the coat ($5000). d. Percy can disaffirm the contract and he need not return the coat. 368. Phil Fairbanks was approached by Nickle Corporation to write the history of Nickle for $15,000. The president of Nickle told Fairbanks the job was his if he would agree to cleverly defame its leadi...
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