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Chapter Quiz
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1
Generally, a minor is someone who is under the age of __________
A)Twenty-five (25) when entering into a commercial contract, and twenty-one (21) when entering into a non-commercial contract
B)Twenty-one (21) when entering into a commercial contract, and twenty-five (25) when entering into a non-commercial contract
C)Twenty-one (21)
D)Eighteen (18)
2
Because their contracts are __________, minors have the right, until a reasonable time after reaching the age of majority, to __________, or avoid, their contracts
A)Void; disaffirm
B)Voidable; disaffirm
C)Void; disavow
D)Voidable; disavow
3
Once a person reaches the age of majority, he/she may __________, or legally affirm, contracts made as a minor
A)Renounce
B)Ratify
C)Reject
D)Qualify
4
Parents have a legal duty to provide their children with the basic necessities of life, such as __________, __________, and __________, and they may be held liable for the reasonable value of necessaries for which their children enter into contracts
A)Food, entertainment, extracurricular activities
B)Food, clothing, shelter
C)Food, shelter, entertainment
D)None of the above; parents are not liable for contracts entered into by their minor children
5
Which of the following contracts would not be declared illegal?
A)An agreement to commit a tort
B)A contract for representation between attorney and client; the attorney is practicing without a law license, but with a valid law degree from an "Ivy League" college/university
C)A non-usurious loan agreement
D)A contract for representation between attorney and client; the attorney is practicing without a law license, but with twenty-five years experience as a paralegal
6
__________ occurs when a party gives a loan at an interest rate exceeding the legal maximum
A)Sufferance
B)Penance
C)Admiralty
D)Usury
7
The term __________ refers to the fact that the agreement in question is so unfair that it is void of conscience
A)Subconscionable
B)Malconscionable
C)Unconscionable
D)Conscionable
8
An __________ clause is 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
A)Exculpatory
B)Inculpatory
C)Exculpable
D)Inculpable
9
When an agreement is deemed illegal, courts will label the contract __________
A)Voidable
B)Void
C)Exculpatory
D)Conscionable
10
A "severable" contract is also known as a(n) __________ contract
A)Voidable
B)Void
C)Exculpatory
D)Divisible







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