Blaw 4 Capacity

lcarter's version from 2016-05-03 16:25

Section 1

Question Answer
Age of majority18
EmancipationParent's legal rights over their child
DisaffirmanceMinors have a right to disaffirm a contract at any point
Exceptions to minor's right to dissafirmMisrepresentation of Age; Contracts for Necessaries; Ratification; Parent's liability if co-signed
Express ratificationWhen a minor reaches age of majority, they express clearly that they intend on continuing the contract
Implied ratificationWhen a minor reaches age of majority, their actions show intent to continue contract

Section 2

Question Answer
IntoxicationAgreements are voidable if done by intoxicated person; must prove intoxication
Intoxication RightsDissafirmance; Ratification
Mental IncompetenceOnly the guardian may enter into contracts; otherwise void
If Incompetent at time,voidable
If competent at time,valid

Section 3

Question Answer
Contract to commit a crimeIs illegal
Discharge by lawWhen a statute makes an already existing contract illegal
UsuryWhen a lender makes a loan with a higher interest rate than the maximum limit
Gambling ContractsContracts with chance distribution of property is illegal

Section 4

Question Answer
Covenant not to competeWhen one business promises another not to compete; Legal
Covenants not to compete in employmentWhen employess promise not to work for competing businesses

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