BLS 342 Lecture Notes - Lecture 18: Standard Form Contract, Unconscionability, Parachuting

38 views2 pages

Document Summary

Does not come up until someone gets sued. Capacity is if people understand what they are obligating themselves to. If a person lacks capacity it makes contract voidable or void. Void is when a contract is completely nullified. Voidable is when party can choose to enforce the contract or void the contract. Age of majority: anytime until you are 18 you can void a contract. Also can do it within a reasonable amount of time after you turn 18 unless you ratify it. Ratify meaning to perform under the contract. Must ratify it after you turn 18. Party claiming the capacity is the only one who can void the contract. The spirit of the law is to protect the minor. The minor can still disaffirm the contract but the minor will be liable for any damages. Mental disease or defect can affect capacity. Did they understand the contract when they were signing.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents