Business Law Ch 14 - Round 2

Pick a true fact (there may or may not be more than 1) for intoxicated people entering contracts for necessities.

Nico has Alzheimer's. He negotiated for a "blue car w/ < 100 miles + good gas mileage". This contract is Valid.

You bought house while drunk. You are a realtor and negotiated terms. Can you disaffirm the next day? (T=Yes, F=No)

The state max for interest rates = 20%. Carl needed a loan fast and signed for a 25% i r. It is void due to Usury.

Why are most gambling contracts are illegal andunenforceable, even in states where it is legal?

Bob wants his house renovated. Jake(the guardian) hires contractors on Bob's behalf w/ Bob's $. The contract is valid

Liv (dementia) thought she was visiting Shady Acres but signed a contract and gave power of attorney. Voidable?

Hank practices medicine and got sued. In discovery they find he doesn't have a medical license. The contract is void.

Courts look at objective indications of the intoxicated person’s condition to determine their capacity

Frank is a landscaper. He gets sued by a client. Hank did a good job but doesn't have a business license. It is valid.

Richard got hammered and bought a Honda for $20 mil. He wants to disaffirm the contract, but totaled car. Can he do it?

Which of the following is true about the enforceability of contracts with an intoxicated person?

Who can disaffirm Liv's contract w/ Shady Acres?

Jake is the guardian of Bob (his Dad) who was declared to be mentally incompetent by the court. Bob can enter a contract

A contract entered into by an intoxicated personcan be either voidable or valid

Contracts entered by a mentally incompetent persons can be . . .