1) Sixteen-year-old Frank bought a video game console from John for $150. Frank is a minor, while John is a competent adult. A month later, the console started malfunctioning on its own. Frank returned the console to John. If Frank disaffirms his contract with John for buying the console, which of the following will be considered true?

a.

John is not bound by the contract anymore as the exchange has been completed.

b.

Frank can reclaim full refund of the amount he paid.

c.

Frank can only ask for full refund once he has reached the age of majority.

d.

Frank is legally obligated to fix the console before returning it to John before claiming full refund.

2) Walid, the owner of Walid 's Sandwiches, contacts a new supplier Ghazi He tells Ghazithat he will pay him $375 if Ghazi delivers 20 pounds of cheese. Ghazi promises to make the delivery as requested by Walid. This creates a ________ contract between them.

Select one:

a.unilateral

b.bilateral

c.implied contract

d.executor contract

3) Harold and Kumar agreed orally that Harold would tutor Kumar in business law for $10 per hour for three hours. After Harold has done the three hours of tutoring, but before Kumar pays him, this contract is ________.

Select one:

a.executed

b.implied contract

c.executory

d.performed

4) Salem operate a company, has a large piece of used farm equipment for sale. He offers to sell the equipment to Barrak for 10,000 KD. What will happen to the offer, if Salem dies prior to Barrak's acceptance.

Select one:

a.It considers valid offer

b.The offer terminated by law.

c.The terminated by parties

d.There is no offer.

5) The general rule with respect to minors who enter into contracts is:

Select one:

a.All such contracts are void

b.All such contracts are valid.

c.Such contracts may be avoided by the adult party to the contract.

d.Some contracts may be avoided by the minor.