Questions from Business Law

Q: Valid consideration is not necessarily either the performance of an act or

Valid consideration is not necessarily either the performance of an act or the payment of money. One party to a contract, for a variety of reasons, may wish to exchange his or her promise to pay money...

Q: Agreements between parties of unequal bargaining power are known as contracts of

Agreements between parties of unequal bargaining power are known as contracts of adhesion. For example, an apartment house owner presented a tenant with a lease renewal that contained additional and b...

Q: The minimum age required under the law for obtaining a driver’s license

The minimum age required under the law for obtaining a driver’s license is usually lower than the age for drinking or voting. What is the rationale for this?

Q: Is it fair that minors’ contracts are voidable, whereas those of

Is it fair that minors’ contracts are voidable, whereas those of adults are legally binding?

Q: The contracts of emancipated minors are usually considered legally binding. Give

The contracts of emancipated minors are usually considered legally binding. Give an example to illustrate why this is necessary.

Q: If a contract is made by a responsible adult who later becomes

If a contract is made by a responsible adult who later becomes mentally incompetent, is the contract enforceable by either party?

Q: Is it fair and ethical for a minor to take advantage of

Is it fair and ethical for a minor to take advantage of the protection accorded by the law to breach a contract made with a person who believed the minor to have reached the age of majority?

Q: Johnson, a passionate bicyclist, wanted to go into the business

Johnson, a passionate bicyclist, wanted to go into the business of manufacturing high-quality bicycles. He found that both labor and component parts were quite inexpensive in Taiwan. Even adding the s...

Q: Most states require people engaged in certain professions or businesses to be

Most states require people engaged in certain professions or businesses to be licensed. How do licensing requirements protect the public?

Q: Enforcement of laws that are intended to protect the environment sometimes has

Enforcement of laws that are intended to protect the environment sometimes has unforeseen economic effects, such as plant closings and unemployment. How should society attempt to balance environmental...