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18 Cards in this Set

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  • Back
What is the legal ability to enter into a contract called?
Capacity
When people enter into contracts, they are permitted by law to presume that the other party or parties have the capacity to contract. What is this presumption called?
Rebuttable Presumption
The age of legal adulthood is known as _____________.
Majority
A person who has not yet reached majority is considered a ___________.
Minor
The age at which a person is no longer considered a minor
18
What term is used to describe minors who are no longer under the control of their parents?
Emancipated
Contracts entered into by minors are __________.
Voidable
Most states will allow a minor to disaffirm a contract with a full refund even if _____________.
They no longer have the item or only return the portion of it that they still have
Can a minor agree to some parts of a contract and not to other parts of the same contract?
No
When 2 minors enter into a contract do either one have the right to disaffirm and make the contract voidable?
Both minors have the right to disaffirm the contract.
After reaching the age of majority, can a person ratify or approve a contract that they made as a minor?
Yes
What are items such as food, clothing, shelter, and medical care called?
Necessaries
Minors are responsible for what portion of necessary items purchased?
The "fair market value" of the necessaries.
Other types of people who may disaffirm a contract are _____________?
Mentally impaired,Intoxicated individuals, convicts, or aliens
People who live in this country but are citizens of another country are referred as __________?
Aliens
If a minor claims to be over the age of majority, then he or she has committed __________?
Fraud
After reaching the age of majority, a person can ratify a contract they made as a minor by 3 means.
1. Orally
2. In Writing
3. By Actions (such as selling the item, continuing to make payments, or continuing to use the item.
When are the contracts of a mentally impaired person considered valid?
When the mentally impaired person has a guardian.