Business law chap 10 - Disaffirmance in contract law to...

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Ben Quach Business Law chap 10 Vocab Chap 10 Competent Party – A person of legal age at least normal mentality who is considered by law to be capable of understanding the meaning of a contract and is permitted to enter into a valid contract. Contractual capacity- the ability to make a valid contract. Minor- a person who has not yet reached the age of majority. Age of majority- the age at which a person is legally recognized as an adult and bound by the terms of his or her contract. Coming of age rule- in common law, the view that a persons legal birthday is 12:01 of the day before his or her actual birthday. Birthday rule- the modern view that a person attains a given age on the date of his or her birth.
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Unformatted text preview: Disaffirmance- in contract law, to indicate by a statement or act an intent not to live up to the terms of a contract. Necessaries- goods and services that are essential to a minors health and welfare. Ratified – an approval of a contract made by a minor after reaching majority. Emancipation – in contract law the condition that exists when minors are no longer under the control of their parents and are responsible for their contracts. Abandonment- in contract law, the condition that exists when a minor has left home and given up all rights to parental support....
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