Which of the following statements regarding the enforceability of contracts involving minors is true?

1. Minors may never enter into legally enforceable contracts.
2. All contracts involving minors are unenforceable.
3. Contracts for necessities (such as food or shelter) involving a minor as a party are enforceable.
4. Provided all other conditions for enforceability are met, a contract may not be voided simply because one party is a minor.

Which contract generally must be in writing under the Statute of Frauds?

1. Alejandro purchases part of his neighbor's fields to expand his growing capacity.
2. Jamal agrees to dog-sit for his neighbor for the weekend.
3. Nora accepts a job working for a local nonprofit agency.
4. Robert buys a used computer from a store for $400.

If a bailment is voluntary and benefits both the bailor and the bailee, what sort of responsibility does the bailee owe the bailor?

1. Minimum duty of care
2. Ordinary duty of care
3. The bailee has no responsibility in this case.
4. Extraordinary duty of care

The CEO of Oil Company X is dismayed to learn that oil has been leaking from one of its off-shore rigs into the Gulf of Mexico for the last five years. In deciding how to proceed, the company identifies a range of stakeholders, considers how different courses of action would impact each stakeholder, and determines which core values each decision would satisfy.

According to the Josephson's core values model for ethical decision-making, what should Company X do next?

1. Choose the course of action that is most likely to promote the greatest number of core values.
2. Decide which stakeholders are most important and whose needs should be prioritized.
3. Weigh the financial cost of each possible course of action against the core values that it promotes.
4. Determine which course of action will be easiest to implement.

Select the true statement about statutory law.

1. At the federal level, the President has no power whatsoever over the creation of statutory law.
2. Statutes at the state level are binding on all states.
3. Congress may enact statutory law in any area it so chooses.
4. Statutes are formed by democratically elected legislative bodies, subject to a system of checks and balances.