1. When is a contract voidable?

a. when the contract is entered into by a minor.

b. when the contract is entered into by a person adjudicated insane.

c. when the contract is entered into by an emancipated minor

d. when the contract is entered into by an intoxicated person who understands his or her contractual obligations.

2. if a person has been adjudicated insane and has a guardian appointed, any contract the person attempts to enter into is

a. voidable

b. void

c. valid

d. unilateral

3. when an agreement is deemed illegal, courts will usually label it void based on the legal principle of ____.

a. in pari delicto

b. ab initio

c. actus reus

d. ad valorem

4. which of the following statements is incorrect concerning contracts made by intoxicated persons?

a. contracts made by intoxicated people are generally considered voidable

b. contracts made by intoxicated people are generally considered enforceable if the intoxication merely causes the person to exercise poor judgment unless the other party unfairly capitalized on the impaired judgement

c. courts tend to fairly liberally interpret behavior that appears to ratify the contract once the intoxicated person becomes sober.

d. courts tend to allow the intoxicated person to disaffirm the contract if disaffirmance occurs within one month after the person becomes sober

5. a(n)_______ contract is likely to be held in violation of public policy.

a. unconscionable and in restraint of trade

b. unconscionable and implied

c. conscionable and expressed

d. in restraint of trade and implied