Notes-Chapter 13

Notes-Chapter 13 - Chapter 13 Notes Besides agreement and...

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Chapter 13 Notes Besides agreement and consideration, a contract must also have contractual capacity , the legal ability to enter into a contractual relationship. People who are retarded or minor are unable to enter into a contractual relationship. Contractual Capacity 1. Minors- Age of majority is the 18 (for contractual purposes) Emancipation- when the parents relinquish the legal right to exercise control over the child (usually children who leave home to support themselves) General rule is that a minor can enter into any contract adult can. Disaffirmance- when a minor, through words or conduct, expresses their intent not be bound by a contract. Exceptions to a Minor’s right to disaffirm a contract - Misrepresentation of Age - Contracts for Necessaries ( items that fulfill basic needs) - Insurance and Loans o Ratification is the act of accepting and giving legal force to an obligation that was previously not enforceable 2. Intoxication a. Can either be voidable or valid (enforceable) If person was sufficiently
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Notes-Chapter 13 - Chapter 13 Notes Besides agreement and...

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