Chapter 12 Notes - 1

Chapter 12 Notes - 1 - Ch 12 Contractual capacity threshold...

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Ch. 12 Contractual capacity – threshold mental capacity required by law for a party who enters into a contract to be bound Minors – in most states, < 18 years o Emancipation – act of being freed from parental control o Disaffirmance – legal avoidance, or setting aside, of an entire contractual obligation Contract are voidable at any time during minority or for a reasonable time after the minor comes of age (usually 90 days) Many states have an additional duty on the minor to restore the adult party to the position held before the contract was made Exceptions: marriage contracts and contracts to enlist in the armed services Minor who misrepresents age cannot disaffirm in most states Minor who enters into a contract for necessaries (necessary to maintain standard of living) may disaffirm but remains liable for reasonable value of the goods used o Ratification – act of accepting and giving legal force to an obligation that previously was not enforceable
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This note was uploaded on 04/09/2012 for the course LAW LAW taught by Professor Ricks during the Spring '09 term at Rutgers.

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Chapter 12 Notes - 1 - Ch 12 Contractual capacity threshold...

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