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Law and Legal

In:

Submitted By jenmroz
Words 292
Pages 2
Group Discussion Leader
Chapters 14 & 15

Notes:

Age of Majority- when a person is no longer a minor (18 years)

Emancipation- when a child’s parent or legal guardian surrenders the right to have control over the child.

** a minor can enter into any contract that an adult can, except contracts prohibited by the law …. Aka purchase of tobacco or alcoholic beverages**

Disaffirmance- legal avoidance of a contractual obligation

> must be within a reasonable time reasonable time can vary

> minors obligations on disaffirmance exceptions:
- misrepresentation of age (claiming to be 21 when not)
-contracts for necessaries (standard of living)
-------------------------------------------------

Parents Liability: not liable for contracts made by a minor acting on their own

Intoxication: if the person is extremely intoxicated the agreement may be voidable, but if they understand the consequences of the agreement, the contract will be enforceable
-------------------------------------------------

Mentally Incompetent: Void-> court has declared a person to be mentally incompetent and has appointed a legal guardian
Voidable-> court did not declare metal incompetency but the person lacks the ability to comprehend the subject matter/consequences (that person can void it )
Valid-> court has not declared a person mentally incompetent and the person does understand

_________________________________________________________________________________________________

Any contract to commit a crime is a violation of a statute. (selling drugs)

Usury: maximum rate of interest (commits it if the loaner charges more than max)
Gambling: varies among states (horse betting, casinos, poker)

Licensing Statutes: requires certain jobs to have licenses (doctor, lawyers, ect.)

Procedural Unconscionability: occurs if a contract

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