Class Notes (837,708)
Canada (510,399)
Rotman Commerce (1,103)
RSM225H1 (70)
Dan Shear (32)
Lecture

chapter 7

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Department
Rotman Commerce
Course
RSM225H1
Professor
Dan Shear
Semester
Winter

Description
The contractual liability of minors upon attaining the majority  A minor’s liability to pay for necessary and beneficial contracts of service continues after she exceeds majority.  She may become liable for obligations that could not be enforced against her while she was a minor  Voidable contracts: a contract that maybe vendor non-binding at that option of one of the parties.  The non-necessary contracts are voidable in two ways: 1. In the first type, the minor acquires the interest of a permanent, continuous nature. This class of contracts involve ongoing obligations paid in installment such as self and services fitness club membership etc. Issue must to be released from these obligations she must repudiate and back out of such a contract promptly up from reaching the age of majority or she will be liable just as if she had entered into the contract after coming of age. 2. The second type of what it will contract doesn’t create an interest of a continuous nature and is not binding on her a minor unless so she expressly ratifies (acknowledge and promise to perform). This type includes a minor’s promise to pay for non-necessary goods or for services performed and wants at her request. A promise to pay for necessary goods not delivered at the time she becomes of age also requires ratification. The role of legality in the formation of a contract  The object of purpose of the contract must be equal  The contract will be considered illegal if its purpose offends the public good or violates a statute.  Public polic
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