test 2 alllllll stuff

test 2 alllllll stuff - Minor Minor - person who has not...

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Minor Minor - person who has not reached the age of majority. Infancy doctrine - A doctrine that allows minors to disaffirm (cancel) most contracts they have entered into with adults. Disaffirmance - The act of a minor to rescind a contract under the infancy doctrine. Disaffirmance may be done orally, in writing, or by the minor’s conduct. Competent party’s duty of restitution – If a minor has transferred money, property, or other valuables to the competent party before disaffirming the contract, that party must place the minor back into status quo. Minor’s duty of restoration - As a general rule, a minor is obligated only to return the goods or property he or she has received from the adult in the condition it is in at the time of disaffirmance. Ratification - The act of a minor after the minor has reached the age of majority by which he or she accepts a contract entered into when he or she was a minor. Necessaries of life - Food, Clothing, shelter, medical care, and other items considered necessary to the maintenance of life. Minors must pay the reasonable value of necessaries of life for which they contract. Emancipation - The act or process of a minor’s voluntarily leaving home and living apart from his or her parents. Mentally Incompetent Persons Legal insanity - A state of contractual incapacity, as determined by law Adjudged insane - Declared legally insane by a proper court or administrative agency. A contract entered into by a person adjudged insane is void. Insane but not adjudged insane – Being insane but not having been adjudged insane by court or administrative agency. A contract entered into by such person is generally voidable. Some states hold that such a contract is void. Intoxicated person - A person who is under contractual incapacity because of ingestion of alcohol or drugs to the point of incompetence Illegal contract - A contract that has an illegal I object. Such contracts are void. Usury law - A law that sets an upper limit on the interest rate that can be charged on certain types of loans. Sabbath law - A law that prohibits or limits the carrying on of certain secular activities on Sundays, Also called a Sunday law or a blue law
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Contact contrary to public - a contract that has a negative impact on society or that interferes with the public’s safety and welfare. Immoral contracts - that is, contracts whose objective is the commission of an act that is considered immoral by society Gambling statutes - Statutes that make certain forms of gambling illegal Effect of Illegality - A doctrine which states that the courts will refuse to enforce or rescind an illegal contract and will leave the parties where it finds them. Persons who can assert an exception are: 1. Innocent persons who were justifiably ignorant of the law or fact that made the contract illegal. For example, a person who purchases insurance from an unlicensed insurance company may recover insurance benefits from the unlicensed company. 2.
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This note was uploaded on 06/29/2008 for the course BUS LAW 2301 taught by Professor Villareal during the Spring '08 term at Dallas Colleges.

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test 2 alllllll stuff - Minor Minor - person who has not...

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