LAW 122 Study Guide - Final Guide: Unconscionability, Fiduciary

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Theresa Miedema

Document Summary

Groups of people who have no capacity or limited capacity to create a contract: The age of minority: is the age at which a person is held fully accountable in law. Minors: are people who have not reached the age of majority. Voidable contract: a contract is voidable if a minor is entitled to avoid the legal obligations that the contract would have otherwise creates. If so, their contracts are voidable, just as in the case of a minor. They can avoid the agreement within a reasonable time of becoming competent. There is, however, an important difference between mental incapacity and minority. A minor"s contract is voidable even if the other party was unaware of the age issue. In contrast, so long as it is to do so, the contract of a person with a mental incapacity is voidable only if the other party should have recognized the problem. fair.