Management and Organizational Studies 2275A/B Study Guide - Final Guide: Fundamental Breach, Sole Proprietorship, Punitive Damages

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

Document Summary

Chapter 9 - legal capacity to contract and the requirement of legality. Inability to contract: infants (not yet reach age of majority, enforceability and the right of repudiation, if a contract made by minor is fully performed and executed. Fraudulent misrepresentation as to age: does not protect a minor that perpetrate a fraud from an unsuspecting merchant, ratification and repudiation, repudiation. Refusal to perform an agreement or promise: ratification. Adoption of a contract or act of another by a party who was not originally bound by the contract or act: to buy the boat, minor must ratify it after attaining the age of majority. Statutory protection of minors: ratification must be in writing before it will be binding on the infant, minors engaged in business, contracts of employment are binding on minors. An act that is beyond the legal authority or power of a legislature or corporate body.