1.Minors are legally banned from entering into contractual agreements. True or false

2.Under contract law, a person cannot be required to perform an illegal act as part of a contractual agreement. True or false

3.A minor can disaffirm a contract for a new car. True or false

4.Bill offers to sell his car to Tom for $9000. Tom replies "your price is too high! I will offer you to buy your car for $8000." Tom's response is: a) a counteroffer b)rejection of the original offer only c) the creation of a new offer only d) a refusal to deal

5.Bill is cleaning his basement and finds an old vase. Believing the vase is worthless he sells it for $50.00. later he discovers that the vase was really worth $25,000. Bill will be able to: a) recover $25000 b) not recover anything because mistakes in judgement as to values do not permit you to avoid contract c)rescind the contract d)all of the above

6.Children are always allowed to enter contracts. True or false

7.An oral agreements for the sale/purchase of land is fully enforceable. True or false

8.A written contract takes priority over a prior oral agreement. True or false

9.Bill has been adjudicated by court to be mentally incompetent. Any contract that bill would enter into would be void. True or false

10.Consideration is the value that is given in exchange for the contract. True or false