LAW 122 Lecture Notes - Lecture 10: E-Commerce, Consumer Protection, Perjury
Document Summary
Chapter 10: contractual defects: often provide one of the parties with a defence when the other party commences a lawsuit. Capacity the legal power to give consent: seven groups who may have no capacity, or limited capacity to create a contract: Age of majority age at which a person is held fully accountable in law. Minors people who have not yet reached age of majority. Voidable if a minor is entitled to avoid the legal obligations that the contract would have otherwise created. If voidable, minors may elect to avoid contractual liability: some contracts with minors are voidable; not every contract is void, however, if they carry out the contract they make the obligations binding. Intoxicated party must make a prompt election to avoid it once sober; failure to do so will be taken as affirmation of the agreement. Chartered corporations are treated the same as individuals who have reached the age of majority.
