BALW20150 Lecture Notes - Lecture 11: Executory Contract, Oral Contract, Collateral Contract
15 Apr 2017
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Document Summary
You can disaffirm even while you are still under the in capacity. Only the incapacitated person has the right to ratify or disaffirm the contract, the other person is at the will of the incapacitated. One requirement to have an enforceable contract is that the object of the contract must be lawful. Contracts with an illegal object are void and therefore unenforceable law treats them as if they never existed. Federal and state legislatures have enacted statutes that prohibit certain types of conduct. Licensing statutes look at the purpose of the license to determine if it is void, ex. Enter into contract with unlicensed plumber is void. Contracts that have a negative impact on society or that interfere with the public"s safety and welfare. Contract over trading the custody of a child void, involves the welfare of a child. Reduce competitive forces within the free market system.
