ACC 100 Lecture Notes - Lecture 4: Convenience Store, Non Est Factum, The Seller

• School: Ryerson University
• Department: Accounting
• Course: ACC 100
• Professor: Albert Ciorma

Document Summary

Incapacity to contract, absence of writing, mistakes, unfairness during bargaining, and illegality. A person cannot enter into a contract unless they have the legal power to give consent. Capacity - the legal power to give consent. Seven groups of persons who may have no capacity or only limited capacity to create a contract: Age of majority is the age at which a person is held fully accountable in the law. Those under the age of majority are minors and lack capacity. Some contracts are voidable at the minor"s option. Contract is voidable if a minor is entitled to avoid the legal obligations that the contract would have created. If minors carry out the contract or there is a substantial delay, the obligations are binding. Minors who void contracts must give back any benefits received. Minors cannot avoid contracts for necessary goods and services or contracts of employment that are to their benefit.