QUESTION 1

1. The FTC's "cooling off" rule requires that the salesperson explain the cancellation rights:
2. before the sale.
3. at the time of the sale.
4. after the sale.
5. within 30 days of the sale.

2 With regard to minors' contracts, silence or inaction is the basis for a voidable contract becoming a valid and enforceable contract through:

1. ratification.
2. clarification.
3. justification.
4. ramification.

3 Give an example of a contract under the Statute of Frauds that does not need to be in writing.

4 Briefly explain the kinds of contracts that exist

5What constitutes an "illegal restraint of trade?" Explain and provide an example.