ADMS 2610 Chapter Notes -Natural Person, Ultra Vires, Indian Act

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redserval588

29 Mar 2022

School

York University

Department

Administrative Studies

Course

ADMS 2610

Professor

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Document Summary

Legal capacity to contract and the requirement of legality. Not everyone is permitted to enter into contracts that are legally binding and these classes of people must be protected. Infant: a person who has not reached the age of majority. Only contracts for necessary items are enforceable against a minor. If there is wear and tear on the goods that are not a deliberate direct result of the minors actions the funds can not be recovered by the merchant. The reasoning of the courts in establishing this rule is that the merchant should not be permitted to recover under the law of torts what he or she cannot recover by the law of contract. Only if minor deliberately damages goods, can merchant recover losses under law of tort. The adult who enters in a contract with the minor is bound by the contract and assumes the risk (for non-necessary items), that the minor might repudiate the contract.

Related Questions

Minors must pay the reasonable value of contracted goods deemed necessaries. For whose benefit is this exception to the law which says minors canât enter into contracts? Why?

True or False:

1. The Uniform Commercial Code is more flexible than common law.

2. Where there is a unilateral contract, there is no enforceable contract until the offeree performs the action requested by the offeror.

3. A contract is an implied contract when the parties directly state the contract terms at the time the contract is formed.

4. (Please Note: There may be more than one correct answer)

Jerry's Juice Joint verbally sends Mango Mart an order for 20 cases of mangos at $100 per case. Mango Mart sends Jerry's Juice Joint an acknowledgment form accepting the order. Using the concepts discussed in this chapter, identify the type of contract between Jerry's and Mango Mart.

	a.	The parties are merchants.
	b.	The agreement is governed by the UCC.
	c.	The contract is executory until Mango Mart delivers the goods and Jerry's Juice Joint pays for them.
	d.	The parties have formed a valid, express, bilateral contract.

5. Which of the following is correct concerning the definition of "merchant" by the UCC?

	a.	It deals only with non-professional sellers.
	b.	It always imposes the same standard on merchants and non-merchants.
	c.	It regards everyone covered by the UCC as a merchant.
	d.	It sometimes imposes a higher standard of behavior on merchants than non-merchants.

6. Ben makes an agreement with Seth which requires Seth to steal Professor Thomas' laptop computer so that Ben will have access to the homework and tests for his business classes. The agreement between Ben and Seth is a ___________ contract.

	a.	voidable
	b.	void
	c.	valid
	d.	enforceable

7. Justin is 15 years old. He goes to a T-Mobile store and enters into a cellphone contract. The agreement is:

	a.	executed.
	b.	voidable.
	c.	unilateral.
	d.	void.

blackgoose704

Complete the following questions about future and option contracts.

a. Give an example of a future contract. Make sure you include all necessary terms of a future contract in your example.

b. Give an example of an option contract. Make sure you include all necessary terms of an option contract in your example. Is your example a put option or a call option?

c.Compare the rights and obligations of buyers and sellers of futures contracts with the rights of buyers and sellers of options contracts.

champagnebutterfly550

ADMS 2610 Chapter Notes -Natural Person, Ultra Vires, Indian Act

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