100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
BLAW 341 Final Exam Questions and Answers 100% Solved | Graded A+ $12.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. BLAW 341
  4.  
  5. BLAW 341

Exam (elaborations)

BLAW 341 Final Exam Questions and Answers 100% Solved | Graded A+
 4 views  0 purchase
  • Course
  • BLAW 341
  • Institution
  • BLAW 341

BLAW 341 Final Exam Questions and Answers 100% Solved | Graded A+ A binding promise or agreement requires that the parties to the agreement have contractual capacity Everyone is regarded as having such capacity unless the law holds that the individual lacks such capacity Minors (infants), inc...

[Show more]

Preview 4 out of 61  pages

Document information

  • December 21, 2024
  • 61
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • BLAW 341
  • BLAW 341

Seller

avatar-seller
JOSHCLAY

Reviews received

Content preview

BLAW 341 Final Exam Questions and

Answers 100% Solved | Graded A+


A binding promise or agreement requires that the parties to the agreement

have contractual capacity

Everyone is regarded as having such capacity unless the law holds that the

individual lacks such capacity

Minors (infants), incompetent persons, and intoxicated persons -

✔✔contractual capacity

A minor or infant is a person who has not attained the age of legal majority:

18

Minor's contract, whether executory or executed, is voidable, unless the

contract has been ratified

Adult party to the contract cannot avoid the contract with the minor

Best to require an adult to cosign the contract and guarantee performance

Some contracts cannot be avoided: student loans or medical care

Some contracts have a lower age for capacity: bank accounts, marriage, or

insurance contracts


1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

,- To do business, get a guarantor/cosigner - ✔✔minors

Disaffirmance - exercise of power to avoid the contract which releases the

minor from any liability on the contract

After the minor reaches the age of majority, he or she may choose to adopt

or ratify the contract

Bound by ratification

- can just stop showing up for work, no magic words to disaffirm -

✔✔liability on contracts

Minor may disaffirm the contract any time prior to reaching the age of

majority

- May only disaffirm the sale of land after reaching the age of majority

Minor may also disaffirm the contract within a reasonable time after coming

of age, so long as he or she has not already ratified the contract

- Reasonable time depends on circumstances such as the nature of the

transaction, whether either party has caused the delay, and the extent to

which either party has been injured by the delay

May exercise the power to disaffirm a contract through words (express) or

conduct showing an intent to not abide by the contract (implied)

- No particular form of language is essential so long as it shows an

intention not to be bound - ✔✔disaffirmance

2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

,Minor who has disaffirmed a contract is entitled to restitution from the other

party for any benefit the minor has conferred on the other party

After disaffirmance, the minor may also be required to provide restitution

- In a majority of states, the minor must return any property received from

the other party to the contract, provided that he or she is in possession of it

at the time of disaffirmance

In the case of the sale of real estate, a minor could take back a deed of

conveyance from a third-party, good-faith purchaser of the land

Under the UCC, a person with voidable title (person who bought goods

from a minor) has the power to transfer valid title to a good-faith purchaser

for value - ✔✔restitution

little boy & his mom signed a contract with a manager, didn't want to pay

him. mom now has to pay bc she also signed - ✔✔BERG V. TRAYLOR

(make it binding)

Minor has the option of ratifying a contract after reaching the age of

majority

- No power to ratify while still a minor

Ratification makes the contract binding from the beginning

Ratification is final and cannot be withdrawn

Must validate the entire agreement

3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

, Ratification can occur in three ways:

1. Through express language,

2. As implied from conduct,

3. Or through failure to make a timely disaffirmance - ✔✔ratification

Kobe signs contract w Scoreboard to get paid $2 per autograph at 17.

Once 18 he was signed by The Hornets. he wanted to leave contract but

couldn't bc 3 days after he turned 18, he deposited the $10K check.

good contracts = assets

- so they can:

1. license it (everyone has to pay them for autograph)

2. sell it

3. keep it - ✔✔IN RE THE SCORE BOARD, INC.

Contractual incapacity does not excuse a minor from an obligation to pay

for NECESSARIES: food, shelter, medicine, and clothing

- Items that the minor needs to maintain himself or herself in his or her

particular station in life: textbooks, school instruction, and legal advice

Minor is not contractually liable for the agreed price but for the reasonable

value of the items furnished

Minor is not liable unless the necessary has been furnished to the minor

and used or consumed by the minor

4
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller JOSHCLAY. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

51292 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$12.99
  • (0)
Add to cart
Added