Management and Organizational Studies 2275A/B Lecture Notes - Lecture 5: Microsoft Onenote, Contingent Liability

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: James Hildebrand

Document Summary

Voidable contracts at the minors options (only for non-necessaries) only if the contract isn"t completed. Void ab initio = void at the beginning. Means they can get out of the contract if they want. Have to return goods before the money is given back if voiding the contract. Merchant - price is limited to a reasonable price. Only liable for damage to goods caused by a willful and deliberate act. All the same rules apply to drunks and mentally insane. Parents are not liable for the debts of their children. Parents have obligations to take care of their children under the age of 16. Can be jointly and separately liable for debts incurred by necessaries by an infant/minor. Contract with someone who is going to build a building and then the city changes the zone. Illegal agreement: subject to criminal enforcement as well as not rendered as enforceable.