18. Which of the following statements best describes the capacity of a minor to enter a binding contract.? A. As long as the minor is old enough to comprehend the agreement and a parent approves, a minor can enter into a binding, non-voidable contract. B. A minor is legally prohibited from entering into a contract and any agreement entered into by a minor is void. C. A minor can enter into a binding contract as long as the contract is for food, clothing, or shelter. The contract, however, is voidable at the option of the other party to the contract and such a contract requires court approval. I Page 5 of 6 D. A minor may enter into a contract as a general principle, but the contract is voidable at the option of the minor. Student's Answer to Question #18 (type the letter "A", "B", "C" or "D" after the colon): 19. Which of the following is not required for a valid contract to exist? A. A right of either party to cancel the contract within a period of three (3) days after the contract is created. The cancellation is effective when the cancellation notice is mailed by certified mail. 8. Consideration C. An acceptance D. An offer Student's Answer to Question #19 (type the letter "A", "B", " after the colon):