ALL QUESTIONS ARE THREE (3) POINTS True-False 1. Even if a minor is extremely mature and of above average intelligence, her contract will be voidable. 2. You want to buy a car but you don't have acceptable credit. If a parent or relative orally tells the bank that they will guarantee the debt should you not pay, their promise will be enforceable if there are credible witnesses to their statement. 3. Kathy has just graduated and goes out with friends to celebrate at a bar. Even though she has been drinking all night and is intoxicated, she doesn't appear to be out of control and obviously too drunk to think. She sells her ring to Mike for $250.00. The next morning when she sobers up, she regrets the sale and tells Mike that she was intoxicated and wants to vold the sale. She may void the contract and get the ring back from Mike. 4. When an adult contracts with a minor, either party may disaffirm the contract at any time prior to the minor reaching the age 18 years old. 5. Intoxication always makes a contract either void or voidable depending on the level of Intoxication. 6. A contract with an insane person would be considered vold. 7. When Randy accepted a job as an electrician with Buren Construction, Randy signed the following agreement, "Upon termination of my employment with Buren Construction, I agree never to work for another employer as an electrician." If Randy resigns from Buren Construction, this agreement would be upheld because Randy voluntarily signed it and this type of agreement is valid if it meets all requirements. 8. All states have usury law prohibiting the charging of illegal interest rates on all loans. 9. A minor can disaffirm a contract at any time during minority or within a reasonable time after reaching the age of majority. 10. Mike wants to open a doctor's office and practice medicine. Mike will need both a revenue producing license and a regulatory license. 11. A minor's contract for actual necessities does not require that the minor be lucid. 12. Contracts in consideration of marriage fall under Statute of Frauds requirements. 13. In vino veritas means, "In wine there is alcohol." 14. A sales contract to purchase land for $499.00 will be valid, even if it's an oral contract. 15. To raise revenues, the City of St. Cloud required restaurants to purchase a special license if they wanted to serve food in an open-air patio. While at Hola Taco, a restaurant in St. Cloud, a customer notices that Hola Taco's license expired. Because Hola's Taco's license expired, the customer is not legally required to pay for her food. ALL QUESTIONS ARE THREE (3) POINTS True-False 1. Even if a minor is extremely mature and of above average intelligence, her contract will be voidable. 2. You want to buy a car but you don't have acceptable credit. If a parent or relative orally tells the bank that they will guarantee the debt should you not pay, their promise will be enforceable if there are credible witnesses to their statement. 3. Kathy has just graduated and goes out with friends to celebrate at a bar. Even though she has been drinking all night and is intoxicated, she doesn't appear to be out of control and obviously too drunk to think. She sells her ring to Mike for $250.00. The next morning when she sobers up, she regrets the sale and tells Mike that she was intoxicated and wants to vold the sale. She may void the contract and get the ring back from Mike. 4. When an adult contracts with a minor, either party may disaffirm the contract at any time prior to the minor reaching the age 18 years old. 5. Intoxication always makes a contract either void or voidable depending on the level of Intoxication. 6. A contract with an insane person would be considered vold. 7. When Randy accepted a job as an electrician with Buren Construction, Randy signed the following agreement, "Upon termination of my employment with Buren Construction, I agree never to work for another employer as an electrician." If Randy resigns from Buren Construction, this agreement would be upheld because Randy voluntarily signed it and this type of agreement is valid if it meets all requirements. 8. All states have usury law prohibiting the charging of illegal interest rates on all loans. 9. A minor can disaffirm a contract at any time during minority or within a reasonable time after reaching the age of majority. 10. Mike wants to open a doctor's office and practice medicine. Mike will need both a revenue producing license and a regulatory license. 11. A minor's contract for actual necessities does not require that the minor be lucid. 12. Contracts in consideration of marriage fall under Statute of Frauds requirements. 13. In vino veritas means, "In wine there is alcohol." 14. A sales contract to purchase land for $499.00 will be valid, even if it's an oral contract. 15. To raise revenues, the City of St. Cloud required restaurants to purchase a special license if they wanted to serve food in an open-air patio. While at Hola Taco, a restaurant in St. Cloud, a customer notices that Hola Taco's license expired. Because Hola's Taco's license expired, the customer is not legally required to pay for her food