GBUS 20300 Lecture Notes - Lecture 30: Fiduciary
14 Nov 2018
School
Department
Course
Professor
Document Summary
Valid-has all elements, enforceable in court, plaintiff must prove by preponderance of evidence. Void- missing 1+ elements, not responsible for paying, not enforceable. Minors = under 18: disaffirmance- minor can choose to get out of k before 18th birthday, reject the k expressly, get all money back, k is void, ratification- does(cid:374)"t try to get out of k. If they do(cid:374)"t reaffir(cid:373) after 18th birthday, k = valid: done by payment/performance. General rule: minors are not liable for paying/returning goods except for necessaries. Necessaries: food, clothing, shelter: mi(cid:374)ors are lia(cid:271)le (cid:271)e(cid:272)ause otherwise they would(cid:374)"t (cid:271)e a(cid:271)le to pur(cid:272)hase. If a minor lies about his/her age, this is a tort! In a few states, minor will be responsible for value of damage to goods. Defenses to ks: unilateral mistake- person receiving k knew there was a mistake (too good to be true) =
