In: Economics
16)Chang owed Scott $800 but was unable to pay Scott on the due date. Scott agreed to let Chang pay him the following month. This agreement
A)Is enforceable by chang
b)is binding legally
c)is not binding legally
d)contains adequate consideration by scott
17_Comparative negligence is negligence of the injured party. True of False
18_Altier orally promised his daughter a silver bracelet as a gift. Altier is not legally bound because
a)The consideration was inadequate
b)he never intended to give the gift
c)a promise to make a gift is unenforceable
d)the gift was too expensive
19_Kavik has been declared legally insane by a court. Her purchase of an electric corn popper for $43.95 is
a)void
b)voidable by kavik
c)valid if the price of the corn poper is reasonable
d)valid if the store declares it valid
20_Cigarette lighters, jewelry, and electronic games are classified legally as
a)necessaries
b)adult items
c)luxury items
d)entertainment items
Answers)
16)Chang owed Scott $800 but was unable to pay Scott on the due date. Scott agreed to let Chang pay him the following month. This agreement --- is not binding legally.
So, option C is correct.
17_Comparative negligence is negligence of the injured party.
The statement is FALSE since comparative negligence measure the negligence of all the parties involved in the accident.
18) Altier orally promised his daughter a silver bracelet as a gift. Altier is not legally bound because --- A promise to make a gift in unenforceable.
Gifts are given out of love and are not legally bound.
19_Kavik has been declared legally insane by a court. Her purchase of an electric corn popper for $43.95 is -- VOID. So, option A is correct since kavik gas been declared insane.
20) _Cigarette lighters, jewelry, and electronic games are classified legally as Luxury Items.
So, option C is correct.
If you have any doubts please comment...