LGLS 1901 Lecture Notes - Lecture 10: Posting Rule, Usury, Unconscionability
29 Nov 2016
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Mailbox rule: acceptance is effective when offeree uses authorized means of acceptance. If us mail, acceptance is made upon dispatch. Legally sufficient value when you pay someone to do something for you; asking someone for his autograph is legally sufficient value because you can go and sell that. Something of legal value (a promise, or a performance) must be exchanged. Preexisting duty: promise to do what one already has a legal to do does not constitute legally sufficient consideration. Giving a child to continue going to his public school; doesn"t count because he already has to go to school under the law. Legal ability to enter into a contractual relationship. A person determined by court to be mentally incompetent cannot form a valid contract (is void. Generally at 18, a person is emancipated, and has the legal capacity to enter into any contract that an adult can.
