LAW 122 Chapter Notes - Chapter 10: Confidence Trick, Emor, Fiduciary
29 Jun 2016
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Six different contractual defects: incapacity, absence of writing, mistake, unfairness during bargaining, and illegality. A person cannot enter into a contract unless they have the legal power to give consent. (e. g. minors, and adults who do not have the capacity) Capacity the legal power to give consent. Chartered corporations are treated the same as individuals who have reached the age of majority. Usually unincorporated business organizations that lack contractual capacity (e. g. private clubs, charities, religious societies) For most contracts, there are no formal requirements. However, certain types of contracts must be evidenced in writing. Types of contracts that must be evidenced in writing. Contracts for the sale of an interest in land. Contracts not to be performed within a year. What if con artist obtains goods under a contract and then resells them to a third party. Some mistakes put the parties at cross-purposes and therefore prevent the formation of contract.
