mkt100 Lecture Notes - Lecture 7: Reasonable Person, Intentional Tort
Document Summary
Legal capacity: not everyone has full legal capacity to make a contract, a contract with a minor (infant- under 19) is voidable at the option of the infant- the minor has an option of backing out. The other party reasonably knew of your incapacity. You repudiated (regretted) the contract as soon as you regained sanity or sobriety. Incapacity may also affect: corporations- if the company is restricted by company policy, persons in bankruptcy. Illegal contracts are void: contract to commit a crime or tort (cid:272)a(cid:374)"t e(cid:374)for(cid:272)e pay(cid:373)e(cid:374)t if your (cid:272)o(cid:374)tra(cid:272)t is a(cid:271)out payi(cid:374)g. Immoral contract gambling (casino, racetrack are licensed and can force payment: against public policy- not compete clause is against competition. Technical illegality depends on seriousness the court decides what morally right or wrong. Intention to be legally bound: not every agreement is meant to be legally enforceable was the contract intended to be serious enough to be legally enforced.
