vocab_(chapter_12)_-_Business_law

vocab_(chapter_12)_-_Business_law - Minor Minor - person...

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Unformatted text preview: 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 minors conduct. Competent partys 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. Minors 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....
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vocab_(chapter_12)_-_Business_law - Minor Minor - person...

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