Jess is 17 years old and bought a new computer from Wallie. Three days after he turned 18, Jess sold the computer to his sister. Which of the following is the most likely result regarding any attempt by Jess to disaffirm the contract with Wallie?

Multiple Choice

• Jess may legally disaffirm the contract with Wallie.
• Jess has indicated his intent to be bound by the contract by selling the computer and can no longer disaffirm.
• Jess may recover the cost of the computer from Wallie.
• Jess may disaffirm the contract only if his sister is under 18.

In many states, intoxicated persons are treated like people who lack mental capacity:

Multiple Choice

• Only if they were so intoxicated that they were unable to understand the nature of the business at hand when they entered into the agreement.
• When they were so drunk as to be considered less-than-ordinary-intelligence.
• Whenever they cannot pass a field sobriety test.
• Only when they have an official diagnosis of "alcoholic."

Andrew, age 15, made a significant amount of money mowing lawns. He bought a vacant lot at age 16 and wanted to disaffirm the contract at age 17. Which of the following is the most likely result of his attempt to disaffirm

Multiple Choice

• He would be allowed to disaffirm.
• He would not be allowed to disaffirm because he would be considered an emancipated minor.
• He would not be allowed to disaffirm at any point because real estate is involved.
• He would be required to wait until reaching the age of majority to disaffirm.

A mistake may involve which of the following?

Multiple Choice

• Error in judgment about a material fact
• Ignorance of a material fact
• Untrue belief about a material fact
• A mistaken belief by a party that he or she can fulfill the obligations due under a contract

Jack, a minor, purchased a video game at the Game Place, which has a sign posted above the cash register stating "NO RETURNS OR EXCHANGES." After opening the game and trying it out, Jack decided he wanted to return the game. Which of the following is a true statement?

Multiple Choice

• Because he opened the game, Jack cannot return the game to the store.
• Because the sign clearly stated no returns, Jack cannot return the game to the store.
• Because video games are now considered a necessary, Jack cannot return the game to the store.
• Jack may return the game and receive a full refund.