business law 8-1

business law 8-1 - Historical and Social Setting:...

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Historical and Social Setting: Contractual capacity is the legal ability to enter into a contract. A person who is adjudged by a court not to have the capacity to enter into a contract, cannot form a legally binding contract with another person. A minor is a type of person who the court judges not to be able to have the capacity to enter into a contract. A minor is any person under the age of majority, which is most cases, is eighteen. While minors are legally able to enter into any contract that an adult can, (as long as the action is legal), the minor is also able to void the contract at any time they wish. An adult that enters into a contract with a minor cannot leave the contract just because the minor is able to do so. Many courts today are holding minors responsible for any damage that they may have caused before leaving the contract. Facts: Kalen is a seventeen-year-old who is attending a university 200 miles from home. He entered into a contract at an apartment for one year agreeing to pay the price of $500
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business law 8-1 - Historical and Social Setting:...

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