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Terms in this set (17)capacity the legal ability to enter a contract. it relates directly to the involvement of minors in contracts rebuttable presumption when people enter into contracts, they are permitted by law to presume that the other party or parties have the capacity to contract. this presumption can be challenged in court. it plays a key role in contracts made by minors because the law permits minors, within certain limits, to rescind or void contracts. definition of minority the age of legal adulthood is known as the age of majority. a person who has not yet reached majority is considered a minor and is still in his or her minority. legal age in 1972, the voting age was lowered from 21 to 18. at this time, many states lowered the age of majority from 21 to 18. for legal purposes, people turn 18 at the beginning of the day before their 18th birthday. emancipation and abandonment some states have declared that minors who are no longer under the control of their parents are emancipated. this means they are responsible for their contract. a minor who marries or leaves home, giving up all rights to parental support, is considered emancipated and is said to have abandoned the protection afforded him or her as a minor. misrepresentation of age if a minor claims to be over the age of majority, then he or she has committed fraud. fraud is a wrongful act, and minors are responsible for their wrongful acts. contracts of minors the law shields minors when they make contracts to protect them from unscrupulous adults. minors may be vulnerable because of: immaturity, inexperience, lack of education, and naive. voidable contracts by permitting minors to have the privilege of disaffirming contracts, the law provides young people with a second chance when they use poor judgement. returning the merchandise if a minor still has the merchandise he or she received upon entering a contract, that merchandise must be returned when the contract is disaffirmed. disaffirming the whole contract a minor may not affirm parts of a contract that are favorable and disaffirm the unfavorable parts. disaffirming contracts made with other minors when two minors enter into a contract with each other, both parties have the right to disaffirm the contract. ratification of minors' contracts after reaching the age of majority, a person can ratify, or approve, contracts made during minority. contracts for necessaries a minor is held responsible for the fair value of necessaries. necessaries, or necessities, include food, clothing, shelter, and medical care. other classes of persons who are able to avoid contracts mentally impaired persons, and intoxicated persons. mentally impaired persons they also have the right to disaffirm contracts because they are considered unable to make sound judgement. before a guardian is appointed to look after the affairs of a mentally impaired person, his or her contracts are voidable. intoxicated persons persons who are intoxicated by alcohol or drugs at the time they enter a contract are sometimes able to disaffirm those contracts. to disaffirm a contract for this reason, a person must have been so intoxicated at the time of the contracting that he or she did not understand the purpose, nature, or effect of the transaction. other capacity limitations other classes of persons lack the capacity to enter into certain types of contracts: convicts (people convicted of crimes), aliens (people who are living in this country but owe their allegiance to another country), and enemy aliens (certain foreign-born persons designated as such during time of war) Sets with similar termsBusiness and Personal Law chapter 740 terms joshklein18 Chapter 7- Capacity19 terms aan7200 Business and Personal Law Chapter 750 terms sofialinthicum Business Law Capacity55 terms Cora62003 Other sets by this creatorIcelandic29 terms kim06049 parts of speech3 terms kim06049 Suffixes44 terms kim06049 Ch 24 and 26 Macro22 terms kim06049 Recommended textbook solutionsInformation Technology Project Management: Providing Measurable Organizational Value5th EditionJack T. Marchewka 346 solutions
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What is contractual capacity quizlet?Contractual Capacity. mental ability to understand rights and obligations of contract and how to comply with terms. *legal ability to enter into a contract.
When a minor enters into a contract what is said to be?Minor's contract
By looking at the Indian law, minor's agreement is a void one, meaning thereby that it has no value in the eye of the law, and it is null and void as it cannot be enforced by either party to the contract. And even after he attains majority, the same agreement could not be ratified by him.
When a minor who has entered into a contract opts to avoid that contract?Generally, a contract entered into by a minor is voidable at the minor's option. Disaffirmance is the legal avoidance, or setting aside, of a contractual obligation. The minor can disaffirm the contract by indicating an intent not be bound to it. 2A.
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A contract that is entered into by a person who is under the age of contractual capacity is Quizlet
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