BLS 342 Lecture Notes - Lecture 18: Standard Form Contract, Unconscionability, Parachuting
7 Mar 2017
School
Department
Course
Professor
Document Summary
Does not come up until someone gets sued. Capacity is if people understand what they are obligating themselves to. If a person lacks capacity it makes contract voidable or void. Void is when a contract is completely nullified. Voidable is when party can choose to enforce the contract or void the contract. Age of majority: anytime until you are 18 you can void a contract. Also can do it within a reasonable amount of time after you turn 18 unless you ratify it. Ratify meaning to perform under the contract. Must ratify it after you turn 18. Party claiming the capacity is the only one who can void the contract. The spirit of the law is to protect the minor. The minor can still disaffirm the contract but the minor will be liable for any damages. Mental disease or defect can affect capacity. Did they understand the contract when they were signing.
