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22download_doc-13.php - L293 (3/4/2009) Chapter 14 Capacity...

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Unformatted text preview: L293 (3/4/2009) Chapter 14 Capacity to Contract Definition o The ability to consent The ability to incur legal obligations and acquire legal rights The Lack of Capacity o Groups lacking capacity: Minors Those suffering a mental disability Those who are intoxicated (sometimes) o Effect -- a person who contracts without the requisite capacity may avoid the contract at his/her option Minors Right to Disaffirm o Right to avoid a contract is disaffirmance Only the minor may avoid the contract o Example of disaffirmance: Stroupes v. The Finish Line, Inc. o If minor wants to affirm the contract, adult party must perform Details About Disaffirmance o Minors may not avoid contracts if statutory exception exists: Marriage, educational loans, insurance o An exculpatory clause signed by a parent does not necessarily waive the minors...
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This note was uploaded on 04/18/2011 for the course BUS 293 taught by Professor Brown during the Winter '09 term at Indiana.

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22download_doc-13.php - L293 (3/4/2009) Chapter 14 Capacity...

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