FIN 331 Lecture Notes - Lecture 6: Punitive Damages
4 Apr 2016
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Reject- over, nothing subsequent for offeree to accept. Counter offer- offeror gets same powers: equal to rejects. Consideration- something bargained for; legal value; fact specific. People who are incompetent don"t have the mental capacity. Insanity sufficient to take away someone"s capacity is determined legally. Presumption that people are sane and have capacity (va) To show incompetence where a person hasn"t been declared incompetent you have to show that at the moment of signing(agreeing) the person was incompetent. Voidable contract- entered into with someone under 18. Contracts entered into with minors are voidable. Ratification- accepted the benefits of the contract. A minor who reaches age of majority continues to have the benefit of the contract is deemed to have ratified the contract as an adult unless the law otherwise states. Under va law, intoxication is not a defense to anything. Lawful purpose: can"t enter into a contract to violate the law, courts leave people where they are.
