Law Questions
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After becoming sober, the formerly intoxicated person can ratify the contracts he entered into while intoxicated.
A(n) ________ is a contractual provision that relieves one or both of the parties to a contract from tort liability.A) liquidated damages clauseB) exculpatory clauseC) duty of restitutionD) fundamental breach
Which of the following is correct regarding a contract, the object of which has become unlawful after the contract's creation?A) The contract is still legal, since the object of the contract was legal at the time of the contract's creation.B) The contract is illegal, even if the parties do not complete the terms of the agreement.C) The parties to the contract will be discharged.D) Both parties are still required to complete their contractual obligations.
Any contract entered into by a person who has been adjudged mentally incompetent is void.
A person who disaffirms a contract based on intoxication is not legally obligated to return to the competent party the consideration she received under the contract
In common law, parties to an illegal contract are considered in equal fault.
Judges can define morality based on their individual views.
A contract with an intoxicated person is not voidable by the other party if that party had contractual capacity.
Which of the following establish an upper limit on the interest rate that lenders can charge for certain types of loans?A) federal usury lawsB) state usury lawsC) contracts in restraint of tradeD) contracts contrary to public policy
In a contract involving a mentally competent person and a person who is mentally incompetent but not adjudged mentally incompetent, the competent party can void the contract.
Which of the following is correct regarding a contract entered into by an intoxicated person?A) The contract is void.B) Only the sober party may disaffirm the contract.C) When the intoxicated person becomes sober, he may ratify the contract.D) The contract is fully enforceable by the sober party.
Contracts entered into by intoxicated persons are ________.A) fully enforceable at the option of either partyB) voidable by both partiesC) voidD) voidable only by the intoxicated person
A person who is mentally incompetent but not adjudged mentally incompetent is appointed a legal guardian to act on his behalf.
Intoxicated persons are liable in quasi-contract to pay the reasonable value for necessaries they receive.
The state of New Jersey has established a maximum interest rate of 12 percent for loans occurring in the "Garden State." Matt borrows $10,000 from Tony to pay off a gambling debt. Both are residents of New Jersey. They sign a contract obligating Matt to pay 25 percent interest on the loan. Later, Matt learns of New Jersey's usury law and sues Tony. What is the nature of the contract between Matt and Tony?A) It is illegal because it violates gambling statutes.B) It is legal because both parties were competent when the contract was signed.C) The contract is void because it violates state usury law.D) The contract is void because it is a contract for a loan between two individuals.
The duty of restitution states that a minor must place a competent party in status quo upon the minor's disaffirmance of their contract.
In a contract involving a mentally competent person and a person adjudged mentally incompetent, either party can enforce the contract.
The parental duty of support is terminated if a minor becomes emancipated.
If both parties to a contract are minors, both have the right to disaffirm the contract
A person who has alternating periods of mental competence andmental incompetence can enter into a contract ________.A) when she is in a lucid intervalB) when there is a legal guardian appointed by the court for that personC) once he has been adjudged mentally incompetentD) only once she has been adjudged mentally incompetent