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Chapter 16 - Chapter 16 Capacity and Legality 1 Lack of...

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Chapter 16: Capacity and Legality 1. Lack of Capacity a. Capacity: the mental ability to understand his or her rights and obligations under a contract and therefore presumably to comply with the terms b. No capacity= the complete inability to enter into contracts 2. Limited Capacity a. Minors a.i. As a general rule, any contract entered into by a minor is voidable by the minor until he or she reaches the age of majority or a reasonable time thereafter a.i.1. Maintain the right to void their contracts in its entirety but can only be done by the minor a.ii. Minors can disaffirm contracts for necessaries, but they will still be held liable for the reasonable value of the necessary a.iii. Express ratification: after reaching the age of majority, the person states orally or in writing that he or she intends to be bound by the contract entered into as a minor a.iv. Implied ratification: the former minor takes some action after reaching the age of majority consistent with intent to ratify the contract a.v. Parents are not liable for contracts entered into by their minor children b.
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