AJ 025 Chapter Notes - Chapter 14: Estoppel
Document Summary
Originally applied to situations involving gifts and donations to charities. Later applied to business transactions, employment relationships and disputes among family members. Contractual capacity: the capacity required by the law for a party who enters into a contract to be bound by that contract. Age of majority in most states for contracts is 18. Generally: minors can enter any contract that an adult can, as long as contract is not prohibited by law for minors (ie. contract involving alcohol/tobacco) Contract is voidable at option of minor. Disaffirmance: the legal avoidance, or setting aside, of a contractual obligation. Minor must express through words/conduct their intent not to be bound by the contract. Disaffirmance within a reasonable time: can be disaffirmed at any time during minority and after reasonable amount of time after age of majority. Return goods in possession or control (even if damaged) Must restore the adult party to position they held prior to contract.