Consideration is a necessary element in a contract.
Answer the following statement true (T) or false (F)
True
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Patty, a minor of age 16, purchases a car from Larry. One month later, Patty crashes the car, disaffirms the contract and seeks return of the purchase price. Which of the following is most certain?
a. Patty cannot rescind the contract because the car is not able to be returned. b. Patty owes Larry nothing, because she is a minor. c. Patty owes Larry the reasonable value of the vehicle because it is a necessary item. d. none of the above
A seller cannot limit the warranty extensions under UCC section 2-318
Indicate whether the statement is true or false
Gary is the unwed father of a baby boy born two years ago. He just learned about the pending adoption of his son and wants to exercise his parental rights and responsibilities and object to the adoption. Which of the following best describes his rights in this situation?
A) As an unwed father he has no rights in the adoption context. B) Gary's rights as an unwed father are subject to the biology-plus rule. C) Gary has the same rights as the baby's mother. D) Gary's rights are the same as those of a married biological father.
Explain what IOLTA is and how it works.
What will be an ideal response?