1- Why are minors held liable on a quasi contract basis for the reasonable value of...

1- Why are minors held liable on a quasi contract basis for the reasonable value of necessaries furnished to them?

2- Explain the test for mental incapacity in contract law.

3- Discuss the need for "real consent" as it relates to the creation and enforcement of a contract.

4- Discuss whether silence can constitute fraud.

5- Distinguish between illegal wagering contracts and legal risk-shifting and speculative bargaining agreements.

6- What is an exculpatory clause?

Expert Solution

1- Why are minors held liable on a quasi contract basis for the reasonable value of necessaries furnished to them?

Necessaries are defined as essential things for minor's continued existence and their general welfare. Minors are held liable on a quasi Contract basis for the reasonable value of necessaries furnished to them as they have already received the item at the time they disaffirm. While in case of minors purchase under a contract but haven't received the item at the time of disaffirm, an adult has the burden of proving that an item is a necessary.

2. Explain the test for mental incapacity in contract law.

Mental incapacity in contract low is to received whether a party, at the time he/she was entered into contract had sufficiente mental capacity or not to understand the effect and nature of the signed contract.

3. Discuss the need for "real consent" as it relates to the creation and enforcement of a contract.

The real consent of the parties needed to creat a contract. It must be genuine consent. If the consent is obtained by any malpractice such as duress, undue influence determine fraud, it will not be considered as a real Consent. In such a scenario, contract will be null and void.

keosha answered 7 months ago

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