QUESTION 30

The designer of a power ranger's logo entered into a contract with the manufacturer to design the logo for $250.00. He was not a minor, intoxicated or under duress. He cannot successfully sue for extra money when the logo becomes very popular and makes millions of dollars for the company.

True

False

QUESTION 31

Liquidated damages are most likely to be upheld when actual damages are difficult to determine in advance and the amount of liquidated damages is such that they are not considered a penalty.

True

False

QUESTION 32

Lottie enrolls for Parachute jumping lessons when she is 17. She continues to take lessons until she is 19. Most courts would determine that Lottie had:

	a.	Disaffirmed the contract
	b.	Rescinded the contract
	c.	Ratified the contract
	d.	Created an option contract

QUESTION 33

Jack enters into a contract with Bill to buy a small piece of land for $400.00. The contract does not have to be in writing.

True

False