Chapter_14_Notes_(Capacity)

Chapter_14_Notes_(Capacity) - CAPACITY (CHAPTER 14) The...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
CAPACITY (CHAPTER 14) The Right to Cancel = The Right to Disaffirm The contract is voidable – otherwise enforceable, unless the party that lacked capacity chooses to cancel it. The party can’t ratify the contract unless they gain capacity, but once the contract is ratified, it is valid. I) Minor’s Contracts – under the age of 18 A) Right to Disaffirm 1) This right lasts throughout minority and a “reasonable” amount of time after turning 18 (generally a couple of weeks). 2) Implicitly – to move out 3) Explicitly – to tell them you are moving out B) Ratification 1) Only after turning 18 2) Implicitly, explicitly, or waiting too long to cancel C) Duties Upon Disaffirmance 1) Adult’s Duty – Adult must put minor in the position they were in prior to entering the contract. 2) Minor’s Duty (Generally won’t enforce future obligations) (a) Traditional Rule – minor returns consideration in its current condition (b) Modern Rule – minor returns consideration in its current condition and
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

Chapter_14_Notes_(Capacity) - CAPACITY (CHAPTER 14) The...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online