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BUSA 690 (31)
Lecture 11

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McGill University
Business Admin
BUSA 690
Peter Younkin

- The concept of capacity  all of the above - Which of the following contracts will be enforced whether or not the purchaser has reached the age of majority?  all of the above - Which of the following groups is never able to avoid contractual liability?  adults who have been declared mentally incompetent by the courts - Lawrence and Jane were hammering out a deal over cocktails. Jane thought that Lawrence was totally plastered and was hoping to take advantage of this in their negotiation of the terms. However, Lawrence knew exactly what he was doing. Although quite tipsy, he pretended to be staggering drunk. His plan was to make two deals: one deal that was good for him, the other a bad one. This way he could complete the deal that was to his advantage and, later, walk away from his obligations on the second deal. Which of the following is TRUE?  Both deals are enforceable since Lawrence was only pretending to be drunk. - Which of the following distinguishes a chartered corporation from a statutory corporation?  none of the above - Unincorporated associations  can be given the capacity to contract through the enactment of legislation - Joe is an aboriginal person, born and raised on a native reserve. After reaching the age of majority, Joe decides to move to Calgary to continue his work as an artist. After abandoning the reserve and living in Calgary for several years, Joe is asked to participate in a major art opening. Much of his art depicts life on his reserve. Which of the following is TRUE?  Joe's art could be used as security for a credit transaction - Matt just made a fortune inventing a new piece of software and has generously agreed to support his friend's application for a bank loan. Matt tells his friend he is willing to cover the debt no matter what happens. In order for this promise to be enforceable  Matt's friend needs to get Matt to make that same promise to the bank - The difference between a guarantee and an indemnity is that  a
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