Obligations+and+Contracts.printable

Unauthorized or no sufficient authority entered into

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Unformatted text preview: n case of ratification effected by the guardian to contracts entered into by an incapacitated, iii. the injured party must have executed an act which expressly or impliedly conveys an intention to waive his right c. LOSS OF THE THING which is the object of the contract through fraud or fault of the person who is entitled to annul the contract • NOTE: Object is lost through a fortuitous event, the contract can still be annulled, but the person obliged to return the same can be held liable only for the value of the thing at the time of the loss, but without interest thereon. • Ratification cleanses the contract of its defects from the moment it was constituted. 3. UNENFORCEABLE CONTRACT – valid but cannot compel its execution unless ratified; Page 126 of 297 Deleted: (9a) Formatted: Font: 10 pt Formatted: Font: 10 pt Civil Law Summer Reviewer ATENEO CENTRAL BAR OPERATIONS 2007 extrinsic defect; produce legal effects only after ratified KINDS: a. Unauthorized or No sufficient authority – entered into in the name of another when: i. No authority conferred ii. In excess of authority conferred ( ultra vires) b. Curable by Ratification - Both parties incapable of giving consent -2 minor or 2 insane persons c. Curable by Acknowledgment - Failure to comply with Statute of Frauds i. Agreement to be performed within a year after making contract ii. Special promise to answer for debt, default or miscarriage of another iii. Agreement made in consideration of promise to marry iv. Agreement for sale of goods, chattels or things in action at price not less than 500; exception: auction when recorded sale in sales book v. Agreement for lease of property for more than one year and sale of real property regardless of price vi. Representation as to credit of another TWO WAYS OF CURING UNENFORCEABLE CONTRACTS: a. Failure of defendant to object in time, to the presentation of parole evidence in court, the defect of unenforceability is cured b. Acceptance of benefits under the contract. If there is performance in either part and there is acceptance of performance, it takes it out of unenforceable contracts; al...
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This document was uploaded on 02/18/2014 for the course ACC 2001 at Alabama Christian Academy.

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