COMMERCE 4SD3 Chapter 8: 4SD3 Chapter 8 Reading and Notes

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 4SD3
• Professor: Paul Stillman

Document Summary

Formation of a contract: capacity to contract and legality of object. Legal capacity competence to bind oneself legally. Repudiate reject or decline an intention not to be bound by. Minor or infant a person who has not attained the age of majority per the law of his or her province. Age of majority the age at which a person is recognized as an adult per the law of his or her province. Guardian a person appointed to manage the affairs of a minor in the place of his/her parents. A contract made by a minor is not binding on their side, but binding on the other side. A minor is bound by any contract for supply of necessaries, essential goods, and services. A minor is not bound to pay the contract price as such, but rather a reasonable price on the same basis as quantum meruit.