MANAGMNT 260 Chapter 13-14: Chapter 13 and 14 notes- OneClass
27 Aug 2016
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Capacity : describes the ability of a person to do a legally valid act , three major classes of persons:! Minors contracts : reason for minors incapacity ! Not able to bargain effectively with older more experienced persons : ability to disaf rm! Giving them the right to disaf rm (cancel) his or her contracts! May cancel at any time during their minority and for a reasonable time after attaining majority ! No one but the minor or the minors personal representative (guardian) may exercise the right to disaf rm : rati cation! The minor who does not disaf rm within a reasonable time after attainting majority is held to have rati ed the contract ! Do something to show you intend to continue with the contract (once you turn 18)! Example: paying car payments when you"re 17! You turn 18, and pay your next car payment !
