Provide the correct multiple choice answer

1. The three essential characteristics of valid consideration are:
A. accuracy, brevity, and clarity.
B. fulfillment of social, moral and ethical obligations
C. legality, adequacy, and the possibility of performance
D. intention, practices, and policies

2. If a reasonable period of time passes after a minor reaches legal age and he or she has said nothing about disaffirming the contract, then in the eyes of the law it is considered as:

A. disaffirmed.
B. ratified.
C. negligence
D. a void contract

3. In some cases, the courts have held that contracts made by minors who are nearly adults or that deal with a business are:
A. enforceable contracts.
B. voidable contracts
C. void contracts
D. invalid contracts

4. Agreements to defraud creditors and other persons are void and unenforceable because they lack the element of:

A. optimum communication

B. competency of parties

C. offer and acceptance
D. legality of purpose

5. All of the following are true of the Statute of Frauds, EXCEPT:
A. the name is taken from the English law of 1677.
B. the name is a derivative of a law called "An Act for Prevention of Frauds and Perjuries."
C. it does not prohibit a person from legally entering into oral contracts.
D. it applies to executory and executed contracts.

6. To be enforceable, agreements that cannot be completed in less than one year:

A. must be in writing.
B. can be oral.
C. can be oral only if witnessed.
D. must be oral if for an amount less than $500.

Answer rating: 100% (QA)

1 A accuracy brevity and clarity 2 A disa... View the full answer