Business and Personal Law

Chapter 5: Elements of a Contract

Self Check Answers

Section 5.1
1. ability to void contracts
2. Emancipated minors are responsible for their own contracts.
3. protects minors from abuse; state can act as a child’s parents when natural parents cannot or will not perform their parental duties

Section 5.2
1. must involve a bargained-for exchange, something of value, and the benefits and detriments must be legal
2. agreement in which consideration is out of line with value of subject matter and unfair
3. not doing what you have the right to do