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10 Cards in this Set
- Front
- Back
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Capacity
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ability to incur legal obligations and acquire legal rights
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Void
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one or more of the elements necessary for an enforceable contract are missing
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Voidable
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one where one or more of the parties may cancel a contract, usually because it is not enforceable because of some legal rule
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Dusaffinance
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contract is voidable. declares a desire to void the contract
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Ratification
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contract is voidable. declares a desire to be bound by the contract
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Minority
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anyone under majority age
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Mental Illness
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lacks legal capacity to contract if the illness so impacts the person’s cognitive faculties that he/she cannot understand the nature and effect of a contract
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Emancipation
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termination of a parents right to recieve services and wages from a child and to generaly control him
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Necessaries
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things that are essential to a minors continued existence and general welfare
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Intoxication
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does not understand the nature and effect of contract he/she lacks the legal capacity to contract
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