BLBU 2234 Chapter Notes - Chapter 14: Rescission
25 Feb 2019
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Parties to the agreement have contractual capacity. : person who has not attained the age of legal majority (most states = 18) Disaffirmance: releases minor from any liability on contract: may chose to ratify. Disaffirmance: words/conduct manifesting intention not to abide by contract. Doesn"t excuse minor from obligation to pay for necessaries: things that minor needs to maintain themselves in particular station in life, liable for reasonable value. Misrepresents age/actually appears age may disaffirm. Some states: prohibit disaffirmance: restore other party to position occupied before and allow defrauded party to recover damages. If tort and contract so interwoven court must enforce contact to enforce tort action: minor is not liable in tort. Contracts void (no legal effect) party under guardianship by court. Party dealing with individual under guardianship be able to recover fair value of any necessaries provided to incompetent. Contracts may be ratified by guardian or by incompetent upon termination of guardianship.
