Capacity
Disaffirm
What is the term used for a minor to back out of a contract?
What is a bilateral contract?
A contract formed by an exchange of promises, where a promise is given in exchange for another promise
What is the assumption of risk?
A defense where the plaintiff voluntarily and knowingly entered into a risky situation, preventing them from recovering damages for injuries sustained.
an advertisement containing certain terms to get a reward constituted a binding unilateral offer
Carlil v Carbolic
Liability protection and double taxation - ability to raise capital quickly
What is a corporation?
Necessaries
Items necessary for a minor's life, health, or education such as food, clothing, shelter, or medical care - minor can't avoid.
What is an unenforceable contract?
A contract that appears legal and valid but can't be enforced due to duress, statute of frauds, mutual or unilateral mistake, etc..
What is contributory negligence?
A defense that completely bars the plaintiff from recovering any damages if they were even slightly at fault for their own injuries.
case arises out of a promotional campaign conducted by defendant, the producer and distributor of the soft drinks - puffery
Leonard V Pepsico
profits and losses to pass directly to owners' personal income tax returns - capping shareholders at 100 -American citizens
What is an S Corporation?
Contracts minors can't avoid
Emancipation, military, bank accounts, taxes, criminal fines are examples
What is a Quasi contract?
A remedy where the court implies a contract as if one existed to prevent unjust enrichment.
Defendant claimed reasonable force to protect themselves or property
self defense
case established foreseeability in contracts - TOE
What is Hadley V Baxendale?
entity protects owners from personal liability-owners "members"
What is an LLC (Limited Liability Company)?
Emancipation
What can a minor do to claim rights as an adult in contract law?
What is an express contract?
A contract in which the terms and conditions are completely and explicitly stated in words, whether oral or written, at the time of the agreement.
protect rescuers from liability when they provide reasonable emergency assistance
Good Samaritan law
Case involving acceptance by performance occurred in a roofing contract case.
What is Evertite v Green?
partners are not personally liable for the malpractice or negligence of other partners
What is an LLP?
Intoxication, dementia
What are other reasons someone might lack the requisite capacity to enter into a legal and binding contract?
Unilateral contracts
What is a one-sided legal agreement where one party (the offeror) promises to pay or provide a benefit in exchange for another party (the offeree) completing a specific action - ex: reward for lost dog
protects store owners and employees from liability for false imprisonment
what is shopkeepers priviledge
severe corporate negligence case regarding a product that was inherently unsafe for consumption as served
What is McDonalds v Lieback
purpose-driven corporate structure legally mandates directors to balance shareholder profits with a commitment to public benefit
Benefit Corp