UGBA 175 Chapter Notes - Chapter 14: Emancipation Of Minors, Quasi-Contract
11 Oct 2016
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Everyone has contractual capacity unless the law, for reasons of public policy, holds that individuals lack such capacity. 3 classes of people limited in capacity to contract (1) minors (2) incompetent persons (3) intoxicated person. Def: person who has not attained the age of legal majority (depends on state, usually eighteen) Minor"s contract is voidable at his or his guardian"s opinion. Minor has the option of disaffirming it or enforcing it. Even an emancipated minor may avoid a contract. Most states recognize special categories of contracts that cannot be avoided (medical care, student loans) or that have a lower age for capacity (marriage, bank, insurance contracts) Cannot disaffirm until the minor reaches majority. Precedent is that the minor may wait until the period of the statute of limitations has expired if the sale involves no questions of fairness and equity: duty upon disaffirmance.
