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Week 8 Lecture slides

Week 8 Lecture slides - LAW101 Law Business Society Week 8...

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1 LAW101 Law, Business & Society Week 8 Contract Law - Making contracts Part 3 Contracts BASIC ELEMENTS OF CONTRACT FORMATION Contracts Then, TEST FOR VALIDITY CAPACITY The law holds that some individuals lack capacity to contract. This is primarily for two reasons: 1. Protect Individuals 2. Protect Society CAPACITY Do the parties to the contract have full contractual capacity? Only normal, sane, sober, adult person has FULL capacity to make a contract. Means that they have the ability to understand what it is that they are entering into. CAPACITY Do the parties to the contract have full contractual capacity? Under common law and (in some states statute law) classes of people are treated as NOT having full contractual capacity which affects the VALIDITY of any contracts entered into by those persons.
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