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6 Cards in this Set
- Front
- Back
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Vitiating Factors
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1. Incapacity: Minors
2. Misrepresentation: Untrue statement 3. Duress: Involuntarily 4. Undue influence: Involuntarily 5. illegality: Against the law |
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Void or voidable
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Void: Contract is a nullity. Any goods or money obtained under the agreement cannot be recovered.
Voidable: Valid until it is terminated by injured party. Once terminated, treated as void from the beginning. Misrepresentation. Undue influence and duress. |
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Legal Capacity
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Natural Persons
Artificial Persons |
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Natural Persons
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Persons of the age of majority and are of sound mind have legal capacity to enter into contracts.
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Artificial Persons
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Contractual capacity is set out in their constitutional documents.
Statutory board: Act of Parliament Companies: Memorandum and articles of association. |
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Minors
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Natural Persons below the age of majority.
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