Minors have the legal capacity to enter into contracts,

1. True or False?

Minors have the legal capacity to enter into contracts, but any contract entered into is void if either party later wishes to escape the contract. (Points : 1)


Question 2. 2. True or False?
An output contract is created when one party agrees to obtain all output production from the other party. (Points : 1)


Question 3. 3. In an auction without reserve, the __________.(Points : 1)

seller must accept the highest bid and cannot withdraw
seller may accept the highest bid but may withdraw
auctioneer reserves the right to withdraw from the sale
both A and D

Question 4. 4. True or False?
A requirements contract dictates that one party will purchase at least a minimum amount of product described in the contract from the other. (Points : 1)


Question 5. 5. In contract offers, the offer __________.(Points : 1)

may be accepted at any time in the future
may be accepted only after having been communicated to the offeree
comes from the offeree or his/her agent
both B and C are correct.

Question 6. 6. An express and executed contract is a contract in which __________.(Points : 1)

a written agreement has been set forth but has yet to be fully performed
the intent of the parties was stated in words and the contract has been performed
describes only written contracts that have been fully performed
both A and B

Question 7.7. As a general rule __________.(Points : 1)

advertisements create offers
an advertisement is not an offer, but an invitation to make an offer
advertisements are always invitations to make an offer
both A and B

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