What is Capacity anyway?
Minors have rights?
Who cares about Legality?
Does anyone have Consideration anymore?
Random
100
The legal ability to enter into a contract.
What is capacity?
100
A minor who still has possession of goods purchased when sales contract is disaffirmed must (?????) within a reasonable time.
What is return goods?
100
Agreements that require one party to commit a tort or a crime are illegal.
What are violations of criminal/civil statutes?
100
Exchange or promise to exchange something of value between parties.
What is consideration?
100
The right to discipline and manage children's property.
What are parental rights?
200
The law says that if the person had a mental problem when he/she entered a contract, then he/she may not be bound to the contract but the mental problem must have made it impossible for the person to understand what was going on when the contract was made.
What is a person with mental impairment?
200
If a minor makes a payment that is due under a contract after becoming an adult.
What is ratify?
200
State law that sets a maximum interest rate that can be charged.
What is the usury statute?
200
One party will lose something if the other party does not come through as promised; both parties gain something when promises are kept or acts performed.
What is a bargained for exchange?
200
Making false statements under oath.
What is perjury?
300
Persons who have not yet reached the age of adulthood (18 yrs. in most states).
What is a minor?
300
A minor cannot disaffirm a contract for this.
What is medical care?
300
State law that requires certain contracts to be in writing.
What is the Statute of Frauds.
300
Money, property, or services.
What are some types of consideration?
300
A minor who claims to be over the age of majority.
What is committing fraud?
400
Those under the influence of drugs or alcohol; they can sometimes get out of contracts if they can prove that the intoxication impaired them so much that they did not know what they were doing when they entered into a contract.
What is an intoxicated person?
400
Minors cannot get out of a contract for (?????) regardless of their age or parental consent.
What is military enlistment?
400
Rule that makes sure all terms of a contract are in writing.
What is the Parol Evidence Rule.
400
A legal way to settle contractual disputes by which one party agrees to accept less than the amount due as full payment.
What is Accord/Satisfaction?
400
Contracts that require more than a year to perfom.
What is must be in writing?
500
Convicts, aliens, and citizens of other countries living in the U.S. may have this.
What is limited contractual capacity?
500
A minor may not affirm part of a contract while disaffirming another part.
What is a minor's right to disaffirm a contract?
500
The rule that states an original version of the written agreement must be submitted into evidence rather than a copy.
What is the best Evidence Rule?
500
An exception to the rule of consideration.
What is a Promissory Estoppel?
500
Diving a vehicle is a (????) not a right.
What is a privilege?
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