Business Law Today 8th Edition by Roger LeRoy Miller,Gaylord Jentz

Exercise 1

Alberto Corelli offers to purchase for $2,500 a painting titled Moonrise from Tara Shelley, an artist whose works have been causing a stir in the art world. Shelley accepts Corelli's offer. Assuming that the contract has met all of the requirements for a valid contract, answer the following questions.
CoreIli was a minor when he purchased the painting. Is the contract void? Is it voidable? What is the difference between these two concepts? A month after his eighteenth birthday, CoreIli decides that he would rather have the $2,500 than the painting. He informs Shelley that he is disaffirming the contract and requests that Shelley return the $2,500 to him. When Shelley refuses to do so, Corelli brings a court action to recover the $2,500. What will the court likely decide in this situation? Why?