Question batch 13
Which of the following statements, concerning contracts entered into by incompetent persons, is/are true? A contract entered into by a party, who has been adjudicated incompetent and is under guardianship, is generally voidable as opposed to void. Generally, a person is considered mentally incompetent if he is unable to comprehend the subject of the contract, its nature, and its probable consequences. An incompetent person, who is not under guardianship, is liable for necessaries furnished to him. An incompetent person, who is not under guardianship, may ratify or disaffirm voidable contracts during a lucid period or when he becomes competent.
A contract entered into by a party, who has been adjudicated incompetent and is under guardianship, is generally voidable as opposed to void. (False, Is void) Generally, a person is considered mentally incompetent if he is unable to comprehend the subject of the contract, its nature, and its probable consequences. (True) An incompetent person, who is not under guardianship, is liable for necessaries furnished to him. (True) An incompetent person, who is not under guardianship, may ratify or disaffirm voidable contracts during a lucid period or when he becomes competent. (True)
Which of the following statements, concerning minor's contracts, is/are true? A minor's contact is voidable at the minor's option. A minor may generally disaffirm a contract any time before reaching the age of majority. A minor may generally disaffirm a contract within a reasonable time after reaching the age of majority so long as she has not ratified the contract. A minor has the option of ratifying a contract after reaching the age of majority. Ratification, once effected by the former minor upon reaching the age of majority, can later be withdrawn. Contractual incapacity does not excuse a minor from an obligation to pay for necessaries that suitably and reasonably supply his personal needs.
A minor's contact is voidable at the minor's option. (True) A minor may generally disaffirm a contract any time before reaching the age of majority. (True) A minor may generally disaffirm a contract within a reasonable time after reaching the age of majority so long as she has not ratified the contract. (True) A minor has the option of ratifying a contract after reaching the age of majority. (True) Ratification, once effected by the former minor upon reaching the age of majority, can later be withdrawn. (False CAN'T be withdrawn) Contractual incapacity does not excuse a minor from an obligation to pay for necessaries that suitably and reasonably supply his personal needs. (True)
Which of the following statements, concerning contracts entered into by incompetent persons, is/are true? A person may avoid any contract that he enters into if the other party has reason to know that the person, because of his intoxication, is unable to understand the nature and consequences of his actions or unable to act in a reasonable manner. Contracts entered into by intoxicated persons are generally voidable. Contracts entered into by intoxicated persons generally may be ratified when the intoxicated person regains her capacity. Intoxicated persons are usually liable for necessaries furnished to them during their incapacity.
ALL TRUE A person may avoid any contract that he enters into if the other party has reason (True) to know that the person, because of his intoxication, is unable to understand the nature and consequences of his actions or unable to act in a reasonable manner. (True) Contracts entered into by intoxicated persons are generally voidable. (True) Contracts entered into by intoxicated persons generally may be ratified when the intoxicated person regains her capacity. (True) Intoxicated persons are usually liable for necessaries furnished to them during their incapacity. (True)