LW 221 Lecture Notes - Lecture 14: Black Letter Law, Electronic Signatures In Global And National Commerce Act, Stock Certificate
Document Summary
Capacity- means the legal ability of a party to enter into a contract in the first place. Consent- whether a contracting party truly understands the terms of the contract and whether the agreement is made voluntarily. Void contract- illegal from the beginning and may not be enforced by wither party. Voidable contract- legal but permits one party to escape if they wish. Disaffirm- to give notice or refusal to be bound by an agreement. Rescind- to cancel a contract: a minor who disaffirms a contract must return the consideration he has received, to the extent he is able. Restitution- restoring an injured party to its original position: a minor may disaffirm a contract any time before 18. Injunction- a court order that requires someone to do something or refrain from doing something. Preliminary injunction- order issued early in a lawsuit prohibiting a party from doing something during the course of the lawsuit.
