Asked by Nargiza Tashmuradova on Jul 06, 2024
Verified
Pat is a rich boy whose parents supply him with every conceivable necessity of life.While still a minor,Pat buys a coat on credit from a men's store for $5,000.After wearing the coat for a while,Pat decides that it bores him and that he would like to disaffirm.Which of the following is most likely to be true? Assume that Pat is still a minor.
A) Pat can disaffirm the contract,and he must return the coat.
B) Pat cannot disaffirm the contract,but he is liable only for the reasonable value of the coat.
C) Pat cannot disaffirm the contract,and he is liable for the full price of the coat ($5,000) .
D) Pat can disaffirm the contract,but the store will sue him for deceit.
Disaffirm
The legal act of renouncing or rejecting a contract or agreement, especially by a party who was not legally competent to enter it at the time of agreement.
Reasonable Value
The fair or market value of goods or services, as determined by considering the costs, demand, and any other factor relevant to an exchange.
- Absorb the protective features and limitations connected to agreements regarding necessities.
- Acquire knowledge about the notion of disaffirmance, including the specific scenarios in which a contract may be nullified.
Verified Answer
AV
Ashna VermaJul 10, 2024
Final Answer :
A
Explanation :
Upon disaffirmance,each party has the duty to return to the other any consideration that the other has given.This means that the minor must return any consideration given to her by the adult that remains in her possession.Therefore,Pat is at liberty to disaffirm the contract,but he must return the coat.
Learning Objectives
- Absorb the protective features and limitations connected to agreements regarding necessities.
- Acquire knowledge about the notion of disaffirmance, including the specific scenarios in which a contract may be nullified.
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