Chapter 14

Chapter 14 - Emancipation the termination of a parent’s...

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Chapter 14 Capacity- the ability to incur legal obligations and acquire legal rights People who lack capacity: minors, person suffering from mental illnesses or defects, and intoxicated persons - Contract law allows these people to avoid (escape) contracts If both parties lack capacity, the contract is considered to be voidable. A bargain is considered to be void if, at the time of formation of the bargain, a court had already adjudicated one or more of the parties to lack capacity or be so impaired that they could not manifest assent (ex. being comatose/unconscious) Disaffirmance: the exercise of the right to avoid a contract - Can’t disaffirm marriage, agreements to support children, educational loans (bank loans, student loans, not loans from family), life and medical insurance contracts, or contracts for transportation. Period of minority : common law is 21 but many have reduced it to 18
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Unformatted text preview: Emancipation: the termination of a parent’s right to control a child and receive services and wages from him. Done through parent’s express or implied consent.-The mere fact that a minor is emancipated does not give him capacity to contract Time of Disaffirmance: Any contracts with minors may be disaffirmed as soon as the contract is formed, except if it deals with real estate. Ratification: the act of affirming the contract and surrendering the right to avoid the contract. Makes a contract valid from its inception. No formal requirements.- PAGE 381 -Duties upon Disaffirmance: must return the consideration!! Necessaries: Capacity of Mentally Impaired Persons Question #9 Minor has to bring the problem forward- Johnson cannot get the card back by asserting the boy’s lack of capacity. It was his mistake that he made not the minors....
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This note was uploaded on 11/17/2010 for the course BMGT 380 taught by Professor Mark during the Fall '08 term at Maryland.

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Chapter 14 - Emancipation the termination of a parent’s...

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