Contracts, Capacity, and Consideration

Capacity is the legal ability to enter into a _____ and be held to it.

Person's ability to satisfy the elements required for someone to enter binding contracts

• Consideration

• Capacity

• Mutual Assent

• Offer and Acceptance

In regards to contracts, the age of majoirty is

• 16

• 18

• 20

• 21

If a minor enters a contract, the contract is considered to be __.

• valid

• void

• voidable

• unilateral

Cassie will reach the age of majoirty

• the day of her 18th birthday.

• the day after her 18th birthday.

• the day before her 18th birthday.

An emancipated minor has the same legal protection to avoid a contract as a minor that is still under the control of a parent.

• False

• True

Which of the following is true reagarding a minor disaffirming a contract for merchandise purchased?

• If damaged, they may not disaffirm the contract.

• They must offer to return the merchandise regardless of the condition of the merchandise.

• A minor may not disaffirm a conract for merchandise.

If Anissa (age 17) and Abby (age 16) enter a contract with one another

• either one of them may disaffirm the contract.

• neither one of them may disaffirm the contract.

• the offeror may rescind the contract.

A minor has the capacity to contract when...

• Always

• Only valid on contracts valuing over $500

• For necessities like food, clothing, and lodging

• It depends on the state you live in

In many states a minor may be sued for fraud if they lie about their age to enter a contract.

• False

• True