Chapter 9 Business Law Outline - 1271 Words

Chapter 9 Outline Chapter 9 Legal Capacity to Contract Contractual capacity is defined by the law to mean the ability to understand the consequences of a contract. * What is Capacity? * Parties who have special contractual rights due to a legally recognized lack of such capacity include minors, the intoxicated, and mentally impaired. All of these parties are said to be incapacitated. * Minors are defined as individuals under the age of majority to contract. This is the age at which a person is entitled to the management of his/her own estate (18 in most states). * A person who has not yet reached the age of majority is called a minor. * Minority, or the state of being below the age of majority, ends the†¦show more content†¦* Who has contractual capacity in organizations? * Some people who work for businesses or other types of organizations have the capacity to bind the organizations to contracts. * Scope of authority – range of contractual acts the organization has authorized a person to be responsible for. * Capacity to contract can be granted when the employer tells an employee that he or she is authorized to bind the organization. * Capacity can be created when the organization leads others to believe that a person has certain authority. Disaffirmance means a refusal to be bound by a previous legal commitment. Generally, a person lacking contractual capacity can disaffirm a contract for necessaries or goods or services that are not necessaries * Any time while still under the incapacity * Within a reasonable time after attaining capacity * WHAT MUST BE DONE UPON DISAFFIRMANCE? After attaining capacity, a person may ratify the contract made while under an incapacity. Ratification is action by the party indicating intent to be bound by the contract. Ratification may consist of either of the following: * Giving a new promise to perform as agreed, or * An act that clearly indicates the party’s intention to be bound. * WHAT MUST BE DONE UPON DISAFFIRMANCE? In all states, when a minor disaffirms, anything of value the minor received and still has must be returned. The minor in then entitled to get back everything that was given toShow MoreRelatedBanking Course Outline1060 Words   |  5 PagesCarleton University Course Outline COURSE: TERM : PREREQUISITES: CLASS: Day Time: Room: LAWS 3206 A – Banking Law Fall 2010 Department of Law LAWS 2003 [1.0] (no longer offered) or LAWS 2202 or BUSI 2601 Fridays - 11:35 am - 2:25 pm Please check with Carleton Central for current room location Sam Schwisberg INSTRUCTOR: (CONTRACT) CONTACT: Office: Office Hrs: Telephone: Email: Loeb C476 Fridays immediately following class as needed 613-740-1965 samuel.schwisberg@redcross.ca StudentsRead MoreCorporate Social Responsibility and Single Strongest Argument1106 Words   |  5 Pagesenvironment that create an atmosphere in which business criticism takes place and prospers. dasdasdassadasdasdadadasdadsdadasdasdassssssssssssssssssssss- ssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss- ssssssssssssssssssssssscourse? Or is it still a vital reality? 4. 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