contract slides for web part 2 09

contract slides for web part 2 09 - Minority General rule:...

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8/12/10 Minority General rule : For contracts, a person under 18 may enter into any contract that an adult can [unless it violates a statute]. In order to disaffirm, a minor need only manifest an intention not to be bound.
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8/12/10 Minority, con’t Must disaffirm while a minor or within a reasonable time thereafter. Must return goods still in possession. What, if any damages is the minor responsible for? Malicious/intentional damages Some states impose a duty of restitution See Swalberg v. Hannegan , Case 16-1
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8/12/10 Minor CANNOT Disaffirm In New York: Contract in connection with business Contract of married couple regarding home Contract for medical care of minor or minor’s child Contract made by parent on minor’s behalf if statute says so See Shields v. Gross
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8/12/10 Tests for Mental Incompetence Cognitive test Does he know he is making a contract? Does he know the consequences of the act? Restatement balancing test Is she unable to act reasonably in the transaction, even if she understands it?
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8/12/10 Contract Illegality Effect of illegality What is illegal Contract provisions that violate statues Contract provisions that violate public policy
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8/12/10 Effect of Illegality General rule: contract void Exceptions [would be voidable ] where statute protects a party where party induced by fraud, duress or undue influence where party withdrew before performance
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This note was uploaded on 08/12/2010 for the course AEM 3200 at Cornell.

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contract slides for web part 2 09 - Minority General rule:...

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