There is no federal statute of frauds.

According to the traditional rule, if Sam, a minor, purchased a television from an electronics shop with a $100 down payment on a one-year credit contract and accidentally damaged it a week after he took it home, he could return the television to the store in its damaged condition and tell the owner he was rescinding the contract. Sam would then be entitled to the return of his $100 down payment and would owe no further obligation to the store.

If a person’s mental deficiencies have resulted in his being adjudicated insane and a guardian has been appointed for him, any contract he enters into is voidable at his election.

Third-party rights in a life insurance policy do not vest until the ________.

The Uniform Commercial Code defines a mixed sale as a contract for the sale of two or more goods.

Which of the following provides that an acceptance is valid when it is placed in the mailbox?

Which of the following was the result on appeal in the Shelby’s, Inc. v. Sierra Bravo, Inc. case referenced in the textbook involving the issue of whether an agreement to deposit debris and soil on land comes within the statute of frauds?

Richard has insurance with Exceptional Coverage Insurance Company, Inc. (Exceptional Coverage). Richard has a wreck with Susie. The adjuster for Exceptional Coverage orally agrees to pay Susie $1,000 for the damage to her car. The adjuster, however, gets in trouble with his boss for agreeing to pay too much. He tells Susie that he is backing out of the deal because the agreement is unenforceable on the basis that the statute of frauds requires that a contract to pay the debt of another be in writing. Is the adjuster correct? Why or why not?

In most cases, when a minor marries, she or he is considered ________.

Which of the following occurs when parties agree that they simply wish to discharge each other from their mutual obligations and, therefore, rescind or cancel the contract?