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BUSINESS LAW CH 14, 15 AND 16 QUESTIONS WITH CORRECT ANSWERS RATED A+ .

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BUSINESS LAW CH 14, 15 AND 16 QUESTIONS WITH CORRECT ANSWERS RATED A+ .

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BUSINESS LAW CH 14, 15 AND 16 QUESTIONS WITH CORRECT
ANSWERS RATED A+ 2025/2026
Minorse-eCORRECTeANSWERSPersonsewhoeareeunderetheeageeofemajoritye(usuallye18eyears)

Liabilityeonecontractse-eCORRECTeANSWERSAeminor'secontractseareevoidableeatetheeminor'seoption

Disaffirmancee-
eCORRECTeANSWERSAvoidanceeofetheecontract;emayebeedoneeduringeminorityeandeforeaereasonableetimeea


fterereachingemajority.

Restitutione-
eCORRECTeANSWERSAeminorewhoehasedisaffirmedeaecontracteiseentitledetoerestitutionefrometheeotherepart


yeforeanyebenefitetheeminorehaseconferredeonetheeothereparty;etheecourtsediffereregardingetheeobligationeo
fetheeminoretoemakeerestitutionetoetheeothereparty

Ratificatione-eCORRECTeANSWERSAffirmationeofetheeentireecontract;emayebeedoneeuponereachingemajority

LiabilityeofeNecessariese-
eCORRECTeANSWERSAeminoreiseliableeforetheereasonableevalueeofenecessaryeitemse(thoseethatereasonablye


supplyeaeperson'seneeds)

Liabilityeforemisrepresentationeofeagee-
eCORRECTeANSWERSPrevailingevieweisethateaeminoremayedisaffirmetheecontract




LiabilityeforeTorteConnectedewithecontracte-
eCORRECTeANSWERSAeminoreisenoteliableeinetorteifeaetorteandeaecontracteareesoeintertwinedethatetoeenforce


etheetortetheecourtemusteenforceetheecontract




PersoneundereGuardianshipe-
eCORRECTeANSWERSAecontractemadeebyeaementallyeincompetentepersoneplacedeundereguardianshipebyec


ourteordereisevoid

MentaleIllnesseoreDefecte-eCORRECTeANSWERSAecontracteenteredeintoebyeaenon-
adjudicatedementallyeincompetentepersone(oneewhoeiseunableetoeunderstandetheenatureeandeconsequenc
eseofehiseacts)eisevoidable.

IntoxicatedePersonse-
eCORRECTeANSWERSAecontracteenteredeintoebyeaneintoxicatedepersone(oneewhoecannoteunderstandetheen


atureeandeconsequenceeofehereactions)eisevoidable.

Contractsewithinetheestatuteeofefraudserulee-
eCORRECTeANSWERScontractsewithinetheestatuteeofefraudsemustebeeevidencedebyeaewritingetoebeeenforcea


ble

, Electronicerecordse-eCORRECTeANSWERSFulleeffecteisegiveetoeelectronicecontractseandesignatures

SuretyshipeProvisione-eCORRECTeANSWERSAppliesetoepromisesetoepayetheedebtseofeothers

Promiseemustebeecollaterale-eCORRECTeANSWERSPromisoremustebeesecondarily,enoteprimarily,eliable

MainepurposeeDoctrinee-
eCORRECTeANSWERSIfeprimaryeobjecteisetoeprovideeaneeconomicebenefitetoetheesurety,ethenetheepromiseei


senotewithinetheestatute.

PromiseeMadeetoeDebtore-
eCORRECTeANSWERSTheesuretyshipeprovisionedoesenoteapplyetoepromisesemadeetoeaedebtor




Executor-eAdministratoreProvisione-
eCORRECTeANSWERSAppliesetoepromisesetoeanswerepersonallyeforedutieseofedecedents




MarriageeProvisione-
eCORRECTeANSWERSAppliesetoepromisesemadeeineconsiderationeofemarriageebutenotetoemutualepromiseset


oemarry

LandeContracteProvisione-
eCORRECTeANSWERSAppliesetoepromisesetoetransfereanyerights,eprivileges,epowers,eoreimmunitieseinerealep


roperty

One-Yeareprovisione-eCORRECTeANSWERSAppliesetoecontractsethatecannotebeeperformedewithineoneeyear

TheepossibilityeTeste-
eCORRECTeANSWERSTheecriterioneisewhethereiteisepossible,enotelikely,eforetheeagreementetoebeeperformede


withineoneeyear

ComputationeofeTimee-eCORRECTeANSWERStheeyearerunsefrometheetimeetheeagreementeisemade

Fulleperformanceebyeoneepartye-
eCORRECTeANSWERSMakesetheepromiseeofetheeotherepartyeenforceableeunderemajorityeview




SaleseofeGoodse-
eCORRECTeANSWERSAecontracteforetheesaleeofegoodseforetheepriceeofe$500eoremoreemustebeeevidencedebye


aewritingeorerecordetoebeeenforceable

Admissione-
eCORRECTeANSWERSAneadmissioneinepleadings,etestimony,eoreotherwiseeinecourtemakesetheecontracteenfo


rceableeforetheequantityeofegoodseadmitted

Speciallyemanufacturedegoodse-
eCORRECTeANSWERSAneoralecontracteforespeciallyemanufacturedegoodseiseenforceable

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