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BLAW Final Exam Outline/Notes (got 94% in the course)

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Louisiana State University
Business Law
BLAW 3201

1Chapter 14 Contractual Capacity persons who are under age of majority under 18MINORSContracts are voidable at hisher guardians optionLiability on Contracts a minor contract is VOIDABLE at the minors option1Disaffirmance avoidance of a contractNormally done before majority or within reasonable time after 18Sales of land CAN NOT be disaffirmed until age of maturityCan either be expressed or impliedEx Minor agrees to sell to Alive and then sells to Bryan The sell to Bryan constitutes a disaffirmance to Alices sellA minor can disaffirm at any time An adult can never disaffirm a contract with a minorRestitution return equivalent of what has been received to put seller in same position as prior to sellDodson v Shrader PDodson a minor bought a used truck from the Shraders for 4900PAfter 9 months the truck began having problemsMechanic toldit was a valve problem and it would be expensive to fix PDidnt have money to fix so he kept driving the truck POne month later the engine blew up Parked the truck in his parents front yardPHit and run driver dented let fender and bought trucks value down to 500 Sued for full refund of 4900P1Trial and appellate courts ruled forand rescinded the contractPState Supreme Court cited Wheaton V East If a minor has purchased an item and used it they had to allow vendor compensation of DEPRECIATION and NEGLIGENT or WILLFULL DAMAGE TO PURCHASED PROPERTYRemanded back to trail court with this new information2Ratification affirmation of the entire contractBinding ab initio makes contract binding from the beginningOnce a contract is ratified it is total validating and finalMust ratify as whole both burdens and benefitsMinor has no power to ratify until age of 18Ex Of Implied Ratification minor buying a property and using the property after theyre a majorityFailure to prevent disaffirmanceIn Re The Scoreboard Inc17 year old Kobe Bryant makes a deal with Score board to license products in s likeness cards autographs etcPP sends counteroffer which was signed and never foundP10000 bas pay 2autograph 000 bonus if finished in 6 weeks1130 check from Scoreboard to Bryant Bryant said it should have been 10130Scoreboard field for bankruptcy and that there was a valid contract between them and PBoth bankruptcy courts ruled for Scoreboard and that there was a contract because both parties acted as soBRYANT DEPOSITED 10000 CHECK HIMSELF WHICH SHOWED RATIFICATION AND THE INTENT TO BE BOUND BY THE CONTRACTLiability for Necessaries minor is liable for the reasonable value of necessary items those that reasonably supply a persons needsRecovery is based on quasi contractsNecessary those things that the minor heeds to maintain himself in his particular station in life
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