An exchange of promises is not necessarily a contract if it is missing this most important element.
What is consideration?
100
These terms describing the ability to enter into a contract are also present in baseball.
What is major and minor?
100
To be freed from the custody and control of your parents.
What is emancipation?
200
To legally enter into a contract in Texas, one must reach this.
What is the age of majority.
200
In most states, one is free to enter into a contract at this age.
What is 18 years old?
300
Joe was inebriated at the time he signed a lease for a swanky downtown apartment. Unfortunately for the landlord, Joe was lacking this at the time he signed......
What is capacity?
300
A minor who enters into a contract has the option to do this within a reasonable amount of time.
What is disaffirm?
300
This amendment emancipated the slaves.
What is the 13th amendment?
400
An offer has been made, there is consideration and both parties have the capacity to contract. There is one important element missing from this scenario in order to make this contract valid.
What is acceptance?
400
A minor who has entered into a contract, and reaches the age of majority without ever disaffirming that contract is said to have done this.
What is ratify?
500
Minors are said to be able to do this if they want to get out of a contract they have signed.
What is disaffirm?
500
Failing to honor your contractual obligations will cause you to be in this state.