Capacity
The ability to understand the consequences of a contract.
What is Contractual Capacity?
When both parties to a contract return the consideration.
What is disaffirmance?
Things needed to maintain life.
What are necessaries?
Can arise from using legal or illegal drugs.
What is intoxication?
The ability to understand the ___ of a contract is required for contractual capacity.
What is consequences?
The state of being below the age of majority; ends the day before the birthday of the age legally set as the age of majority.
What is Minority?
At what age is a person said to have capacity in most states?
What is 18?
Contracts made by a party who was temporarily insane are___
What is voidable?
The legal age for drinking.
What is 21?
True or False: A person can have contractual capacity even if he or she cannot understand the wording of a contract.
What is True?
Means that a person lacks the ability to understand the consequences of his or her contracts.
What is mental incapacity?
The severing of the child-parent relationship; it ends the duty of the parent to support a child and the duty of the child to obey the parent.
What is emancipation?
A place giving temporary protection from bad weather or danger.
What is a shelter?
All contracts by a party held to be permanently insane by a court are ___.
What is void?
Which contracts cannot be disaffirmed in all 50 states?
What is Enlist Armed Services, Education Loans, Marriage Contract
Term that means when people who work for businesses or other types of organizations have the capacity to bind the organization to contracts.
What is age of scope of authority?
When a court decrees a minor emancipated, it is referred to as ___
What is formal emancipation?
If a minor makes a contract and then returns the merchandise, they will be able to receive ___ of their money back.
What is all?
The status of a contract with an intoxicated person who is not habitually drunk.
What is voidable?
Acting towards the contract as though one intends to be bound by it.
What is ratification?
When a young person below the age of majority severs their child-parent relationship.
What is emancipation?
In many states, a minor who lies about her or his age may be held liable for the tort of ___.
What is false representation?
True or False: Ratification can never occur before the age of majority to a contract, even if the items are necessary items such as food or clothing.
What is True?
Contracts made by a person that a court has ruled to be in a permanent state of alcoholism are
What is void?
What three classifications of individuals lack contractual capacity?
Minors, Mentally Incapacitated, Intoxicated