Which is true about a minor's capacity to contract? Multiple Choice Minors have capacity to contract for, and must pay the contract price for, necessary. Minors can disaffirm most contracts, but must pay for the reasonable value of any necessary, A minor's capacity to contract depends on his or her life experience and maturity level. If one of the parties to a contract is a minor, none of the parties can enforce the contract. When a minor marries, he or she gains capacity to contract. Which of the following does not qualify as a necessary for a minor, even if it is not provided for the minor by a parent or guardian? Multiple Choice Shelter O Medical care O Clothing Tools of the minor's trade Life Insurance When can an intoxicated person ratify a contract? Multiple Choice Within a reasonable period of time after becoming intoxicated Never, because contracts by intoxicated people are vold, not voidable As soon as they are able to understand the contract While they are still too intoxicated to understand the contract Only after a reasonable period of time has passed When can a mentally impaired person ratify a contract? Multiple Choice Only if the person has been adjudicated by a court to be mentally impaired, While the person is still mentally impaired or any time after the person is no longer mentally impaired Whenever the person is able to understand the nature of the contract and is not adjudicated to be mentally incompetent by a court. Never because all contracts by mentally impaired people are vold, Only if a court approves the contract Which of the following is the most accurate statement of a minor's capacity to contract? Multiple Choice Minors have capacity to contract for everything except necessaries. Minors lack capacity to enter any contract. Minors only have capacity to enter contracts for necessaries Minors lack capacity to enter all but a few types of contracts, such as marriage, life insurance, and student loans Minors have capacity to enter all types of contracts, they just cannot enforce them. A minor who contracts for a necessary: Multiple Choice Must pay the reasonable value for any necessary that the minor has received. Must pay the reasonable value for any necessary, even if the minor has not yet received it. Cannot enforce the contract against the other parties to the contract. Must pay the contract price for any necessary that the minor has received. Cannot disaffirm the contract. When does a mentally impaired person lack the legal capacity to enter into a contract? Multiple Choice When the other parties to the contract know or have reason to know that the person suffers from a mental impairment, When the person suffers a mental Impairment that impairs the person's ability to understand the nature of the contract at the time he or she enters into the contract When they are physically unable to sign the contract, even though they understand and agree to it When the person's impairment affects their ability to remember a contract they have previously entered If the person has ever had a prior mental illness or injury, even if he or she is not mentally impaired at the time he or she enters the contract Which of the following is the most accurate statement of an intoxicated person's capacity to contract? Multiple Choice O A person lacks capacity If he enters into a contract while intoxicated that he would not have entered into when sober O A person lacks capacity it his level of intoxication affects his judgment in entering into the contract A person locks capacity if he is too intoxicated to understand the nature of the contract, A person lacks capacity if he exceeds the legal limit for intoxication A person locks capacity if he is too intoxicated to understand the nature of the contract and the other parties to the contract have reason to know it