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business law 10-11

business law 10-11 - Chapter 11 1-2 1 What is consideration...

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Gillian Schroeder Business Law 1 Chapters 10 and 11 Chapter 10 1-3 1. What general presumption does the law make about a person’s capacity to contract? One would be if the person is mental and enters into a contract. 2. Why does the law allow minors to void contracts? If the minor fails to make scheduled or any payments. 3. When does a person attain the age of majority? 18 years
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Unformatted text preview: Chapter 11 1-2 1. What is consideration? This means the promise to exchange things of value. 2. What are the different types of detriment? 1. Doing something that one has a legal right not to do. 2. Giving up something that one has a legal right to keep. 3. Refraining from doing something that one has a legal right to do....
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