Management and Organizational Studies 2275A/B Chapter Notes - Chapter 9: Ultra Vires, Insurable Interest

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Infants: a person who has not reached the age of majority. Common law 21, most provinces 18 or 19. Enforceability depends to some extent on whether the contract has been fully executed by the minor, or whether it has been performed. Criteria for necessary examine social position of the infant. A contract that has not been fully performed for non-necessary goods or services is that the minor or infant may repudiate the contract at any time. Repudiation: the refusal to perform an agreement or promise. Ratification: the adoption of a contract or act of another by a party who was not originally bound by the contract or act. If items or objects are not necessary, the contract is voidable at the option of the minor, until he or she reaches the age of majority. Parent-infant relationship obligates parents to support a child under the age of 16 years.

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