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11 Cards in this Set
- Front
- Back
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competent party
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a person of legal age and at least normal mentality who is considered by law to be capable of understanding the meaning of a contract and is permitted to enter into a valid contact
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contractual capacity
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the ability to make a valid contract
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age of majority
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the age at which a person is legally recognized as an adult and is bound by the terms of this or her contract
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coming of age rule
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in common law, the view that a person's legal birthday is 12:01 a.m. of the day before his or her actual birthday
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birthday rule
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the modern view that persona attains a given age on the anniversary date of his or her birth
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disaffirmance
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in contract law, to indicate by a statement or act an intent not to live up to the terms of a contract
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necessaries
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goods and services that are essential to a minor's health and welfare
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ratified
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an approval of a contract made by a minor after reaching majority
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emancipation
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in contract law, the condition that exists when minors are no longer under the control of their parents and are responsible for their contracts
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abandonment
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in contract law, the condition that exists when a minor has left home and given up all rights to parental support
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incompetent
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being unable to make binding contracts due to having an unsound mind and being unable to safeguard one's own interests and affairs
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