Management and Organizational Studies 2275A/B Chapter Notes - Chapter 7: Loan Guarantee, Natural Person

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

Document Summary

The elements of a contract: capacity, legality and intention. 1: the age of majority was 21 at common law, but has since been reduce d to 18 or19, persons under age are called infants or minors. These people are not bound by the their agreements, but the adults with whom they contract are bound. In every province except bc, minors are bound by contracts of employment and contracts of necessaries. Government student loans are an exemption, they must be paid back: employment contracts are binding if courts nd them to be in the best interest of the minor. In bc, all contracts, including for necessaries, are not enforceable against a minor. A minor enters a contract but has not obtained any bene t from it yet: partially executed contract: a contract at the stage when one party has performed and the other hasn"t. A minor received the goods but hasn"t paid for them yet.