1. Each contract must contain four elements: offer, rejection, acceptance and bailment.

   True

   False

10 points

QUESTION 3

1. A party can lack capacity due to age, cognitive processing factors and/or intoxication.

   True

   False

10 points

QUESTION 4

1. The court will not enforce an unotherwise valid contract if the subject matter of the contract becomes illegal prior to its execution.

   True

   False

10 points

QUESTION 5

1. A child can enter into a voidable contract, but due to the rules of capacity the child can void their rights and duties in the contract without penalty.

   True

   False

10 points

QUESTION 6

1. A child cannot enter into a contract.

   True

   False

10 points

QUESTION 7

1. Consideration is a requirement for an agreement to become a contract. Without this element, the court will generally not enforce the agreement.

   True

   False

10 points

QUESTION 8

1. If a contract contains a malum in se action as the subject matter, the court will render it void for illegality.

   True

   False

10 points

QUESTION 9

1. The Statute of Frauds indicates which contracts MUST be in writing to be enforced.

   True

   False

10 points

QUESTION 10

1. The Statute of Frauds requires that contracts for items over $10 be placed in writing.

   True

   False