What_is_a_contract - What is a contract A contract is any...

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What is a contract? A contract is any agreement between two or more people from which each receives some benefit. Can I make a contract before turning 18? Yes, but as a minor you could have terminated most contracts. Once you reach the age of 18, you can affirm a contract made as a minor either expressly or by failure to disaffirm it. Adults cannot usually enforce contracts against minors. That is why your parents, or some adult, probably had to co-sign any contract you made as a minor. You may be liable for the fair market value of necessary items purchased as a minor. In Texas, if married and under the age of 18, you are considered as an adult. What are some likely contracts I may soon be part of? Some of the contracts are: Employment contract Loan for education or to buy a car or to make another large purchase Installment purchase of some product Apartment rental Insurance Marriage Medical care Do all contracts have to be in writing? No. Many contracts (employment, some apartment leases, a promise to pay for medical care) are rarely in writing. However, some contracts must be in writing: Any purchase of an item costing more than $500.00, or Any contract to busy or sell land What are some advantages of written contracts? Protection against dishonesty—against lies by the other
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This note was uploaded on 05/01/2008 for the course BUS 3305 taught by Professor Lecrone during the Spring '08 term at Baylor.

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What_is_a_contract - What is a contract A contract is any...

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