Which of the following is not an example of legally sufficient consideration? A promise to do something Refraining from an action A promise to do something that one is already required to do The performance of an action Question 2 0.4 Jim, who is 15, signs a contract with Greg, who is 23. The age of majority in their state is 18. They agree that Jim will sell his car to Greg for $2,000. After a week, Jim wants to break the contract and get his car back. Can Jim get the car back? No, he is out of luck Yes, he is entitled to his car back because the contract is void No, he is bound to his contract because of his age Yes, he is entitled to his car back because the contract is voidable Question 3 0.4 Which of the following best describes ratification? Prohibits contracts that charge an excessive rate for interest The contract has to be with a licensed individual States that minors can exit a contract whenever they want The act of accepting and giving force to an obligation that previously was not enforceable Question 4 0.4 pts Mike, who is 16 years old, bets his father $100 that he will abstain from drinking until he is 21. State law prohibits drinking of alcohol by anyone under age 21. Mike does not drink alcohol until age 21. Is his father liable to pay him? No, due to illegality of underage drinking No, his father provided no consideration No, Mike is a minor No, It is illegal for Mike to drink AND his father gave no consideration Question 5 0.4 pts A mall security guard tells the businesses in the mall that he will keep an eye out for people stealing merchandise in exchange for $200 a month. Why does this contract lack consideration? He has a preexisting duty to do this There was past consideration It was an illusory promise It was an accord and satisfaction