Question $1(5$ points$)$

A minor can avoid a contract to purchase a car if:

Question $1$ options:

The car has been destroyed

He or she grows tired of it

The car has been damaged

All of these

Question $2(5$ points$)$

When can a mentally incompetent person void a contract?

Question $2$ options:

The person in question or his$/$her legal guardian may void it$,$ except in cases where the contract involved necessities

Only by another person

Never

Always

Question $3(5$ points$)$

Consideration may include any of the following EXCEPT

Question $3$ options:

A promise

Money

Property

A gift

Question $4(5$ points$)$

A contract is an agreement between two or more parties that is enforceable by law.

Question $4$ options:

True

False

Question $5(5$ points$)$

Typical remedies available for a breach of contract include:

Question $5$ options:

All of these

Specific Performance

Rescission

Money damages

Question $6(5$ points$)$

What is reformation?

Question $6$ options:

Reformation terminates the duties of both parties under the contract

Reformation does not exist.

Reformation is to appoint new parties to a contract

Reformation allows courts to equitably change the contract's substance

Question $7(5$ points$)$

What is "recission?"

Question $7$ options:

Rescission allows courts to equitably change the contract's substance

Rescission is to change the terms and parties of a contract and revise it

Rescission does not exist.

Rescission terminates the duties of both parties under the contract

Question $8(5$ points$)$

What is restitution?

Question $8$ options:

Restitution restores the injured party to status quo or the position they had prior to the formation of the contract, by returning the bailiff any money or property give pursuant to the contract.

Restitution restores the injured party to status quo or the position they had prior to the formation of the contract, by returning the defendant any money or property give pursuant to the contract.

Restitution restores the injured party to status quo or the position they had prior to the formation of the contract, by returning the plaintiff any money or property give pursuant to the contract.

Restitution restores the injured party to status quo or the position they had prior to the formation of the contract, by returning the judge any money or property give pursuant to the contract.

Question $9(5$ points$)$

What happens when a person lacks the legal capacity to enter into a contract?

Question $9$ options:

The agreement must continue.

The party who HAS the legal capacity decides how to proceed

The agreement is considered voidable and the person who lacks capacity has the choice to either end or continue with the contract.

The agreement is voided by the judge.

Question $10(5$ points$)$

Which of the following is most likely to be classified as a necessary for which a minor will be held liable on a contract?

Question $10$ options:

A television

School supplies

Education

Food