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15 Cards in this Set
- Front
- Back
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Age of majority
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When a person is no longer a minor
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Emancipation
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occurs when a child's parent or legal guardian relinquishes the legal right to exercise control over the child
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Contractual capacity
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the legal ability to enter into a contractual relationship.
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Disaffirmance
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the legal avoidance,or setting aside, of a contractual obligation
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Majority rule
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Minor only needs to return the goods
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Minority rule
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minor has the duty to restore the adult party
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Exceptions to a minor's right to disaffirm
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Misrepresentation of age
Contracts for necessaries Insurance and loans |
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Necessaries
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items that fulfill basic needs
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Ratification
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the act of accepting and giving legal force to an obligation that previously was not enforceable
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usury
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a lender who makes an interest rate above the lawful maximum.
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Blue laws
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prohibit the formation or performance of certain contracts on a sunday
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Unconscionable
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contracts that are so unscrupulous or grossly unfair
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Adhesion contract
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a contract written exclusively by one party and presented to the other on a take-it-or-leave-it basis
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Exculpatory clauses
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clauses that release a party from liability in the event of monetary or physical injury
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in pari delicto
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equally at fault
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