SOLVED

31) Which of the following is the majority rule regarding a minor’s misrepresentation of his or her age? A) That the minor must restore the competent party to that party’s precontractual position before obtaining the disaffirmance. B) That misrepresentation results in the minor receiving a return of only half the consideration he or she supplied. C) That if a competent party relies on a misrepresentation in good faith, the minor gives up the right to disaffirm the agreement. D) That the minor may disaffirm but that the competent party has the right to sue the minor in tort and recover damages for fraud. E) That misrepresentation does not affect the minor’s right to disaffirm the contract. 32) Which of the following statements regarding contracts for necessaries entered into by minors is false? A) A contract for a necessary is a contract that supplies the minor with the basic necessities of life. B) The purpose of holding minors liable for necessaries is to ensure that minors are able to obtain the basic necessities of life when their parents will not provide them. C) Whether something is considered a necessary is related to whether the minor’s parents are willing to provide the item in question for the minor. D) A minor can disaffirm a contract for necessaries, but the minor will still be held liable for the reasonable value of the necessary. E) A minor cannot disaffirm contracts for necessaries. 33) Which of the following occurs when a person reaches the age of majority and states, either orally or in writing, that he or she intends to be bound by the contract entered in to as a minor? A) Implied novation B) Implied ratification C) Express ratification D) Express novation E) Express ratification if the statement is in writing but nothing if the statement is only oral 34) When a former minor does not specifically state that he affirms a contract entered into as a minor, but takes some action that is consistent with intent to ratify the contract, which of the following has occurred? A) Continued safety B) Express novation C) Implied ratification D) Express ratification E) Implied novation 35) Which of the following is true regarding the ability of persons suffering from a mental illness to enter into a binding contract? A) Persons suffering from a mental illness have full capacity to enter into a binding contract so long as they inform the other party that they are in treatment. B) Persons suffering from a mental illness may have full, limited, or no legal capacity to enter into a binding contract depending on the nature and extent of their mental deficiency. C) Persons who suffer from a mental illness always have full capacity to enter into a binding contract. D) Persons suffering from a mental illness have full capacity to enter into a binding contract so long as they do not present a danger to themselves or others. E) Persons suffering from a mental illness have no capacity to enter into a binding contract. Â Â