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27.
(p. 363)
Which of the following is false regarding contracts for necessaries entered into by
minors?
28.
(p. 364)
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?
29.
(p. 364)
A[n] ______ occurs 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.
30.
(p. 365)
Which of the following is true regarding the ability of persons suffering from a mental
illness to enter into a binding contract?
31.
(p. 365)
Which of the following is true once a guardian has been appointed for a person who has
been adjudicated insane?
32.
(p. 367)
Which of the following is true if a contract is disaffirmed on the basis of intoxication?
33.
(p. 367)
Because ______ does not favor intoxication, the courts tend to be unsympathetic to
intoxicated parties and will fairly liberally interpret behavior that seems like ratification as
ratifying the contract.
34.
(p. 368)
Which of the following is true regarding an agreement to commit a crime or a tort?
35.
(p. 368)
If a legal contract is formed and the subject of the contract then becomes illegal under a
new statute, the contract is ____.
36.
(p. 368)
How many states have statutes requiring that people working in certain professions
obtain a license before practicing their craft?
37.
(p. 369)
If a licensing statute is intended to protect the public's health, safety, and welfare, an
agreement with an unlicensed professional is typically deemed _____.
38.
(p. 371)
Which of the following occurs when a party gives a loan at an interest rate exceeding the
legal maximum?
39.
(p. 371)
Which of the following is the maximum interest rate?
40.
(p. 371)
How many states engage in at least some regulation of gambling?
41.
(p. 372)
Which of the following is a term for laws that limit the types of business activities in
which parties may legally engage on Sundays?
42.
(p. 374)
Bob is hired to do computer sales for an electronics store. He agrees that if he leaves his
employment, he will not work for another computer store within 25 miles for a period of two
years. That type of agreement is called a[n] ______.
43.
(p. 375)
The term ______ refers to the fact that an agreement is so unfair that it is void of
conscience.
44.
(p. 375)
A party who claims that he or she could not understand contractual terms because of
tiny, hard-to-read print on the back of an agreement and the excessive use of legalese is
referring to which of the following?
45.
(p. 376)
Which of the following involves overly harsh or lopsided substance in an agreement?
46.
(p. 375)
A[n] ______ contract is a contract created by a party to an agreement that is presented to
the other party on a take-it-or-leave-it basis.
47.
(p. 376)
A statement releasing one of the parties to an agreement from all liability, regardless of
who is at fault or what the injury suffered is, would be referred to as a[n] ______ agreement.
48.
(p. 378)
In the law, when both parties are equally responsible for an illegal agreement, it is known
as ____.
