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
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