Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
18 Cards in this Set
- Front
- Back
|
The ability of a person to do a legally valid act.
|
Capacity
|
|
|
Three major classes of person given limited capcity to contract because the law seeks to protect them in their contractual relations with others.
|
Minors, people who are mentally impaired, and intoxicated persons.
|
|
|
If either party entering a contract lacks the capacity to contract, the contract is
|
void or voidable.
|
|
|
Capacity to contract is presumed, if someone claims incapacity must
|
prove it.
|
|
|
Minors are given the right to cancel their contract, also known as what?
|
disaffirm
|
|
|
In a contract with an adult and a minor, who can disaffirm a contract?
|
Only the minor.
|
|
|
When can minors disaffirm their contracts?
|
Any time during their minority and for a reasonable time after attaining majority.
|
|
|
A minor who does not disaffirm within a reasonable time after attaining majority is said to have done what?
|
ratified the contract and loses the right to disaffirm.
|
|
|
Any words or conduct on the part of a minor after reaching majority that clearly indicates an intent to be bound by the contract are enough for
|
ratification.
|
|
|
If a minor disffirms a contract what are they entitled to? what is the adult party entitled to?
|
Minors are entitled to the return of any consideration they have given the adult party to contract. Minors are obligated to return to the adult any consideration still in their possession that they received from the adult.
|
|
|
The term used to describe the termination of a parent's right to receive services and wages from a child and to generally control him.
|
Emancipation
|
|
|
Does emancipation give the minor capacity to contract?
|
No
|
|
|
Things that are essential to a minor's continued existence and general welfare.
|
Necessaries
|
|
|
What things are traditionally considered necessaries?
|
food, clothing, shelter, medical care, basic educational or vocational training, and tools of a minor's trade.
|
|
|
Minors are generally held liable for how much of necessaries furnished to them?
|
reasonable value.
|
|
|
States treat intoxicated people lake people who lack mental capacity if,
|
at the time they entered the agreement, they were so intoxicated from drugs or alcohol that they were unable to understand the nature of the business at hand.
|
|
|
What is the test applied in in contract law to test incapacity.
|
If at the time the contract was entered into the person had sufficient mental capacity to understand the nature and effect of the contract.
|
|
|
Can people who regain their capacity ratify their contract?
|
yes
|
