BSL 212 FINAL - CHAPTERS 14-17
QUESTIONS WITH 100% CORRECT
ANSWERS { GRADED A+}
a contract lacks capacity and is voidable when one party is - ✔✔underage,
mentally incapacitated, or intoxicated
a contract can be disaffirmed while - ✔✔the person lacks capacity or within a
reasonable amount of time after regaining capacity unless the contract has been
ratified
generally, when a minor disaffirms - ✔✔the adult must return the consideration
received
ratification occurs if - ✔✔a party behaves consistently with existence of the
contract and implicitly approves it; a party cannot ratify while lacking capacity
, in minority of states, if the adult is acting in good faith towards the minor - ✔✔the
adult can take the value of any depreciation
if an adult deals with a minor for a necessary and the minor disaffirms - ✔✔the
adult can retain the reasonable value of the necessary provided
necessary - ✔✔required for the continued subsistence of the minor (Ex: food,
pharmaceuticals, housing)
in a minority of states, if a minor misrepresents their age and the adult dealt with
the minor in good faith - ✔✔the adult can keep the value of any depreciation
if someone has been adjudicated incompetent - ✔✔the contract is void
if someone is unable to understand the subject of the contract and its likely
consequences - ✔✔the person is incompetent and the contract is voidable
a contract can be rescinded for intoxication if - ✔✔the sober person knew or had
reason to know that the intoxicated person did not understand the nature of the
transaction (dependent on the sober person)
statute of frauds - ✔✔broad legal principle that guides the types of agreements
that need to be in writing; agreements that must be in writing fall within this
agreements that fall within the statute of frauds - ✔✔(1) suretyship agreements
QUESTIONS WITH 100% CORRECT
ANSWERS { GRADED A+}
a contract lacks capacity and is voidable when one party is - ✔✔underage,
mentally incapacitated, or intoxicated
a contract can be disaffirmed while - ✔✔the person lacks capacity or within a
reasonable amount of time after regaining capacity unless the contract has been
ratified
generally, when a minor disaffirms - ✔✔the adult must return the consideration
received
ratification occurs if - ✔✔a party behaves consistently with existence of the
contract and implicitly approves it; a party cannot ratify while lacking capacity
, in minority of states, if the adult is acting in good faith towards the minor - ✔✔the
adult can take the value of any depreciation
if an adult deals with a minor for a necessary and the minor disaffirms - ✔✔the
adult can retain the reasonable value of the necessary provided
necessary - ✔✔required for the continued subsistence of the minor (Ex: food,
pharmaceuticals, housing)
in a minority of states, if a minor misrepresents their age and the adult dealt with
the minor in good faith - ✔✔the adult can keep the value of any depreciation
if someone has been adjudicated incompetent - ✔✔the contract is void
if someone is unable to understand the subject of the contract and its likely
consequences - ✔✔the person is incompetent and the contract is voidable
a contract can be rescinded for intoxication if - ✔✔the sober person knew or had
reason to know that the intoxicated person did not understand the nature of the
transaction (dependent on the sober person)
statute of frauds - ✔✔broad legal principle that guides the types of agreements
that need to be in writing; agreements that must be in writing fall within this
agreements that fall within the statute of frauds - ✔✔(1) suretyship agreements
