April 18, 2014

Homework Help: Business law

Posted by Mike on Friday, February 29, 2008 at 5:13pm.

Would you be able to check my 5 answers:

1. The continued possession by a minor of a good after reaching the age of majority will be treated as an implied ratification of the contract by which the minor acquired that good

Answer True

2. If a contract is held to be avoidable due to a party's intoxication, then his or her power to disaffirm the contract will usually be conditioned on full restitution of the purchased items.

Answer false

3. Joe is an adult who bought a car before reaching the age of majority. Joe could not disaffirm his contractual obligations if he:

a. failed to demand that the contract be canceled within a reasonable time after reaching the age of majority.

b. misrepresented his age at the time of the purchase.

c. is married.

d. none of the above.

Answer...I am torn between a and d. The reason for a sound correct except for the "failed to demand" that part sounds wrong

4. The duty of a minor to pay for the reasonable value of necessary goods he or she purchased arises from the contract itself

Answer: true

5. When a state statute imposes a duty of restitution on a minor who disaffirms a contract, the minor must take steps to put the nonbreaching adult party in the position that he or she occupied prior to the formation of the contract

answer: true


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