Question

The idea behind is that adults who indicate an intent to be bound by contracts entered while still minors should be bound to those contracts and denied the right to disaffirm thereafter. Select one: 0 a. ratification O O O b. disaffirmance C. emancipation d. forbearance Chuck Olson, age 16, buys a used car from Bobby Duncan Used Cars Center on September 15, 2006. Olson agrees to pay $200 a month for 12 months. A month after the purchase. Olson is involved in an accident that wrecks the car. He immediately calls Duncan Cars and informs them that he is disaffirming the contract. According to traditional common laws, which of the following is most likely to be true? Select one: O a. Olson does not have a duty to place Duncan in status quo ante. O b. Olson can ask Duncan to pay for the damages as he hasn't made the full payment for the car. c. Olson has to pay for the damages and then return the car to Duncan d. Olson can successfully press charges and force Duncan to take care of the damages caused to the car.

Answer 1

As per the HomeworkLib policy, i am answering first question only. I request you to post the remaining question separately.

1. The idea behind ratification is that, the adults who indicate an intent to be bound by the contracts entered while still minors should be bound to those contracts and denied the right to disaffirm thereafter.

It is known and assumed that adults are well capable to judge the wisdom of contracts because of their experience and knowledge. Minors generally have lack of such traits a, hence they cannot ratify contracts while still minors.