LGS Exam 2 TermsPDF

E permanently insane and temporarily insane

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Unformatted text preview: vary from state to state Intoxicated Mentally Incompetent- i.e. permanently insane and temporarily insane Disaffirmance (Void) o If an adult wants to void a contract b/c they were a minor when the contract was formed they must disaffirm it once they reach the age of majority (a member of the community) otherwise the contract is valid against them. Ratification o Fail to disaffirm (void contract) then it is on the person i.e. Minor entered contract and once an adult continued withthe agreement after majority then it is a real agreement (ratify if try to void) Illegal Contracts o State will not enforce contract if it involves activity the state says illegal Contracts Contrary to Public Policy o State has declined to enforce a contract that goes against public policy o The terms of contract are not illegal but could lead to bad results will go against other efforts in the state. Special Offers/ Specific promises/ rewards o Special Offers- Companies have promotion for a free fur coat, but it was while supplies lasted but it was not specified; generally company is in the clear o Specific Promises- Not anyone can accept an offer o Rewards- When sellers have rewards deals, the deals are subject to the terms put elsewhere Mailbox rule o An offer made is valid against offerer once it is put in mail even if it is days before it is received be the offeree; and an acceptance is valid against offeree once the reply is sent About offer and acceptance; 2 parties in an exchange are...
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This note was uploaded on 02/07/2014 for the course LGS 200 taught by Professor Turner during the Spring '07 term at Alabama.

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