lenb contracts exam study guide
questions and answers
In the context of a contract, ______ is the legal ability to enter into a
binding agreement. - ANSWER✔✔-capacity
______ is some sort of mental or physical defect that prevents a natural
person from being able to enter into a legally binding contract. -
ANSWER✔✔-incapacity
Married _______ were historical considered to have no or limited capacity
to enter into contracts. - ANSWER✔✔-women
One of the oldest limitations on capacity is the ability of ______ to enter
into only voidable contracts. - ANSWER✔✔-minors
______ typically occurs when a minor moves out of his or her parents'
house and begins supporting himself or herself. - ANSWER✔✔-
Emancipation
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,A person who has the legal ______ to contract is one who has the mental
ability to understand his or her rights and obligations under a contract and
therefore will presumably be able to understand how to comply with the
terms of the agreement. - ANSWER✔✔-capacity
A minor's contract is ______. - ANSWER✔✔-voidable
Incapacity is also referred to as ______. - ANSWER✔✔-incompetence
According to the majority of jurisdictions, which of the following is an
accurate statement regarding a minor's right to disaffirm a contract when
the consideration he or she received has been damaged or destroyed? -
ANSWER✔✔-The minor can disaffirm the contract, and the other party has
no recourse.
Today, in all but three states, a minor is someone under the age of ______. -
ANSWER✔✔-18
A disaffirmance by a minor of a contract must occur before or within a
reasonable period of time of the age of _______. - ANSWER✔✔-majority
As a general rule in most states, which of the following contracts is a minor
allowed to disaffirm? - ANSWER✔✔-a school club membership contract
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, Which of the following is an accurate statement regarding a minor's right
to disaffirm a contract? - ANSWER✔✔-A minor has the right to disaffirm a
contract until a reasonable time after reaching the age of majority.
Which of the following is an accurate statement regarding the effect a
minor's misrepresentation of age has on his or her right to disaffirm a
contract? - ANSWER✔✔-According to the majority rule, it does not affect
the minor's right to disaffirm the contract.
As a general rule in most states, which of the following contracts is a minor
allowed to disaffirm? - ANSWER✔✔-a contract for joining a school team
Which of the following is an accurate statement regarding a minor's right
to disaffirm a contract for necessaries? - ANSWER✔✔-Technically, a minor
can disaffirm a contract for necessaries, but the minor is liable for the
reasonable value of the necessaries.
In the context of a contract for a necessary, which of the following is not a
necessary? - ANSWER✔✔-high-speed Internet
Which of the following is an accurate statement regarding ratification of a
contract? - ANSWER✔✔-Once ratified, a contract is no longer voidable.
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questions and answers
In the context of a contract, ______ is the legal ability to enter into a
binding agreement. - ANSWER✔✔-capacity
______ is some sort of mental or physical defect that prevents a natural
person from being able to enter into a legally binding contract. -
ANSWER✔✔-incapacity
Married _______ were historical considered to have no or limited capacity
to enter into contracts. - ANSWER✔✔-women
One of the oldest limitations on capacity is the ability of ______ to enter
into only voidable contracts. - ANSWER✔✔-minors
______ typically occurs when a minor moves out of his or her parents'
house and begins supporting himself or herself. - ANSWER✔✔-
Emancipation
Copyright ©EMILLYCHARLOTE 2025 ACADEMIC YEAR, ALL RIGHTS RESERVED. Page 1/24
,A person who has the legal ______ to contract is one who has the mental
ability to understand his or her rights and obligations under a contract and
therefore will presumably be able to understand how to comply with the
terms of the agreement. - ANSWER✔✔-capacity
A minor's contract is ______. - ANSWER✔✔-voidable
Incapacity is also referred to as ______. - ANSWER✔✔-incompetence
According to the majority of jurisdictions, which of the following is an
accurate statement regarding a minor's right to disaffirm a contract when
the consideration he or she received has been damaged or destroyed? -
ANSWER✔✔-The minor can disaffirm the contract, and the other party has
no recourse.
Today, in all but three states, a minor is someone under the age of ______. -
ANSWER✔✔-18
A disaffirmance by a minor of a contract must occur before or within a
reasonable period of time of the age of _______. - ANSWER✔✔-majority
As a general rule in most states, which of the following contracts is a minor
allowed to disaffirm? - ANSWER✔✔-a school club membership contract
Copyright ©EMILLYCHARLOTE 2025 ACADEMIC YEAR, ALL RIGHTS RESERVED. Page 2/24
, Which of the following is an accurate statement regarding a minor's right
to disaffirm a contract? - ANSWER✔✔-A minor has the right to disaffirm a
contract until a reasonable time after reaching the age of majority.
Which of the following is an accurate statement regarding the effect a
minor's misrepresentation of age has on his or her right to disaffirm a
contract? - ANSWER✔✔-According to the majority rule, it does not affect
the minor's right to disaffirm the contract.
As a general rule in most states, which of the following contracts is a minor
allowed to disaffirm? - ANSWER✔✔-a contract for joining a school team
Which of the following is an accurate statement regarding a minor's right
to disaffirm a contract for necessaries? - ANSWER✔✔-Technically, a minor
can disaffirm a contract for necessaries, but the minor is liable for the
reasonable value of the necessaries.
In the context of a contract for a necessary, which of the following is not a
necessary? - ANSWER✔✔-high-speed Internet
Which of the following is an accurate statement regarding ratification of a
contract? - ANSWER✔✔-Once ratified, a contract is no longer voidable.
Copyright ©EMILLYCHARLOTE 2025 ACADEMIC YEAR, ALL RIGHTS RESERVED. Page 3/24
