1 answer

At 17, Otto signed a contract to purchase a new Hummer by advancing a payment of...

Question:

At 17, Otto signed a contract to purchase a new Hummer by advancing a payment of s50.000. However, when Otto turned 20, he wished to disaffirm this contract Does the law permit this? O A. Yes, because he was a minor when he signed the contract. O8. Yes, because he is not yet 21 years of age C. No, because a car is a necessary D.No, because Otto implied his ratification.
At 17, Otto signed a contract to purchase a new Hummer by advancing a payment of s50.000. However, when Otto turned 20, he wished to disaffirm this contract Does the law permit this? O A. Yes, because he was a minor when he signed the contract. O8. Yes, because he is not yet 21 years of age C. No, because a car is a "necessary D.No, because Otto implied his ratification.

Answers

B. Yes.

Generally, a minor, or a person who has not yet reached legal age of majority, is not legally required to carry out the terms of any contract he or she might enter. The minor retains the right of disaffirmance of the contract. Only the minor retains this right; the other party remains bound by the contract.

Otherwise, a minor retains the right of disaffirmance of any contract into which he or she enters, whether or not it has already been performed. Once that minor reaches the age of majority, any contract that he or she has entered into prior to the age of majority must be either disaffirmed within a reasonable but predetermined period of time, or ratified.

In order to disaffirm a contract made before he or she reached the legal age of majority, the minor must state, either in writing or orally, his or her intention not to honor the contract.

If the minor acts in such a way as to indicate to a reasonable person that he or she has no intention to honor the contract, that can count as disaffirmance, too. However, once the minor has reached legal age, if he or she does not disaffirm the contract within the time limit, the contract becomes ratified, and the entire contract becomes binding to both parties.

.

Similar Solved Questions

1 answer
Lifetime savings accounts, known as LSAs, allow people to invest after-tax money without being taxed on...
Lifetime savings accounts, known as LSAs, allow people to invest after-tax money without being taxed on any of the gains. If an engineer invests $12,000 now and $12,000 each year for the next 15 years, how much will be in the account immediately after the last deposit, provided the account grows by ...
1 answer
(TCO 3, 4, 5) Which of the following can cause a SQL injection? “-“ '1' =...
(TCO 3, 4, 5) Which of the following can cause a SQL injection? “-“ '1' = '1 “1” = “2” (TCO 3, 4, 5) HTTP is considered a Group of answer choices stateless protocol. (TCO 4, 5) Cain and Abel can be used to hack Group of answer choices: passwords. HTTP ...
1 answer
The two verticle double headed arrows are the lense, i think?
the two verticle double headed arrows are the lense, i think? system consists of two converging thin lenses, ead cm optical of 6.0 An with a focal length and a stop with a diameter of 4.0 cm, arrange d as shown in the figure below. 9.0 1.5 一14.0 all distances in cm A 2.5 cm high object is pla...
5 answers
3) In the figure below, the magnetic flux through the loop shown increases according to the...
3) In the figure below, the magnetic flux through the loop shown increases according to the equation, \(\Phi=8 t^{3}-3 t^{2}\) where \(\Phi\) is in webers and \(t\) is in seconds:a) What is the induced voltage across the resistor at \(t=2\) seconds? b) What is the polarity of the voltage across...
1 answer
Primary Task Response: Within the Discussion Board area, write 300–500 words that respond to the following...
Primary Task Response: Within the Discussion Board area, write 300–500 words that respond to the following questions with your thoughts, ideas, and comments. Do you know where your food comes from? Throughout history, self-sufficiency has been the norm for acquiring food such as grains, meats,...
1 answer
1. Provide the product and mechanism for the following HBr 2 equiv. H2SO4 HgSO4 H2O *No...
1. Provide the product and mechanism for the following HBr 2 equiv. H2SO4 HgSO4 H2O *No reaction mechanism necessary 1) BH3 2) H2O2, NaOH *No reaction mechanism necessary...
1 answer
III Phys202L-Sec1&2 Summer 2020 <Chapter 23 Problem 23.68 An object is placed 95.5 cm from a...
III Phys202L-Sec1&2 Summer 2020 <Chapter 23 Problem 23.68 An object is placed 95.5 cm from a glass lens (n = 151) with one concave surface of radius 24 cm and one convex surface of radius 18.9 cm Part A Determine the final image distance from the center of lens. Folow the sign conventions Exp...
1 answer
Maple Ventures has a success ratio of 15% with its venture funding the managers at Maple...
Maple Ventures has a success ratio of 15% with its venture funding the managers at Maple require a 23 return on their portfolio of lending and the average length of an investment is 4 years. If you are looking to borrow $210,000 from Maple, what is the annual percentage rate you would be required to...
1 answer
Required information [The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a...
Required information [The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initia...
1 answer
Assuming an ideal op-amp, find the voltage gain G Two Question Plz!!!!!!!!!!!!!!!!!!!! 1. Assuming an ideal...
Assuming an ideal op-amp, find the voltage gain G Two Question Plz!!!!!!!!!!!!!!!!!!!! 1. Assuming an ideal op-amp, find the voltage gain G 0 0 Answer: G 1.03 2. Assuming an ideal op-amp, find the voltage gain G 18 kΩ 100 Ω 150 Ω 0 Answer: G-24...
1 answer
How do you divide # (8+9i)/(1-3i) # in trigonometric form?
How do you divide # (8+9i)/(1-3i) # in trigonometric form?...
1 answer
These are all true or false 1. Planning is a part of each business activity (Operating,...
These are all true or false 1. Planning is a part of each business activity (Operating, investing, and financing), and gives each activity meaning and focus. 2. General accounting principles stem from long-used accounting practices. 3. The fraud triangle asserts that the three factors that must exis...
1 answer
Although the rate of population growth in developed countries is low, the existing population consumes far...
Although the rate of population growth in developed countries is low, the existing population consumes far more of the world's resources and produces more pollution per head than in developing countries. (a). Explain what economic indicators may be used to determine whether a country is develope...
1 answer
Cl- Determine the length of the unit cell of CsCI. The atomic radi of Cs is...
Cl- Determine the length of the unit cell of CsCI. The atomic radi of Cs is 0.272 nm, and the ionic radii is 0.167. The atomic radius of Cl is 0.099 nm, and the ionic radi is 0.181 nm. Atomic weight of Cs is 133g/mole, and Cl is 35.5 g/mole Compute the density of the crystal dl Wa...
1 answer
The Coca-Cola acquisition of its bottlers failed because A) Coca-Cola had valuable competencies. B) the bottling...
The Coca-Cola acquisition of its bottlers failed because A) Coca-Cola had valuable competencies. B) the bottling business required too much capital investment and time. C) consumers consumed less because the distribution channel changed. D) Coca-Cola spent less money on the distribution of concentra...
1 answer
A GRADUATED CYLINDERCONTAINS 123mLOF WATER. A 45.0g PIECE OF SILVER (d=10.49g/L) IS ADDED. WHAT IS THE...
A GRADUATED CYLINDERCONTAINS 123mLOF WATER. A 45.0g PIECE OF SILVER (d=10.49g/L) IS ADDED. WHAT IS THE NEW WATER LEVELOF THE GRADUATED CYLINDER, IN mLOF THE CYLINDER? D=m/V...
1 answer
If the sample of chips used to make the filtrate weighed 94.0 g how much NaCl...
if the sample of chips used to make the filtrate weighed 94.0 g how much NaCl is present in one serving (115g) of chips Honeywll THE POWER OF CONNECTE XApplication Statusx New Tab nVellumHMAC f450fb16033cb1fe52e62c78469a361710001 istry 1210-Fall 2018 Brandon & 7 ot8 As a food chemist for a m...