B-Law Chapter 13

B-Law Chapter 13 - LSB 3213 T. Urich th 10 Edition Chapter...

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LSB 3213 – T. Urich 10 th Edition Chapter 13 – Capacity & Legality Concentrate on Legality - pages 264 to the end I. Capacity A. Minors Age 18 If you sign a contract when you’re 17, you can’t void when you turn 18. B. Intoxication Usually doesn’t work because you have to prove that you were so intoxicated that you didn’t understand that you were entering into a contract C. Mental Incompetence State Adjudicated- VOID (Mentally handicapped) State Not Determined- (Not all there, slow, old) VALID -Can void because of mental incompetence VOIDABLE D. Offeror and Offeree- both parties must be mentally competent and have capacity. II. Legality -Contracts have to be for a legal purpose. -If for an illegal purpose- VOID A. Contracts contrary to statue (Illegal) 1. Usury- charge more than the max. amount. Statutes set the maximum amount. EX: Creditor loans $$, Debtor makes payments. Debtor pays interest and principal. RATE
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B-Law Chapter 13 - LSB 3213 T. Urich th 10 Edition Chapter...

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