Chapter 14.Business Law, Mallor, 13thedition

Chapter 14.Business Law, Mallor, 13thedition - CHAPTER...

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Capacity to Contract P A E T R H C 1 4 “No brilliance is needed in the law. Nothing but common sense, and relatively clean fingernails.” John Mortimer
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Learning Objectives v The meaning of capacity v The classes of persons without capacity v The rights to disaffirm or ratify v The duties of disaffirmance  14 - 2
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v Person must have  ability  to  give consent before being  legally bound to agreement,  thus  capacity  is the ability to  incur legal obligations and  acquire legal rights v A person who contracts  without necessary capacity  may avoid the contract at  Definition   14 - 3
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v Status incapacity  refers to minors,  factual  incapacity  includes those suffering from a  mental disability and intoxicated persons v Contract in which one party lacks capacity is  voidable  at the option of person lacking  capacity v Right to avoid a contract is  disaffirmance w Example:  Stroupes v. The Finish Line, Inc.
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