Ch 15 Voidable Contracts: Capacity and and Consent

Question 1

Capacity

☐ Offer☐ Acceptance☐ Consideration☐ Legality☑ Capacity☐ Consent☐ Writing

Answer 1

Capacity is the legal ability to enter into a contract.

Question 2

Minors
(Disaffirmance, Restitution, Timing of Disaffirmance/Ratification, Exception: Necessaries, Exception: Misrepresenation of Age)

Answer 2

Because a minor lacks legal capacity, she normally can create only a voidable contract
[Disaffirmance]
* disaffirm: To give notice of refusal to be bound by an agreement
* rescind the contract; that is, to have a court formally cancel it.
[Restitution]
-A minor who disaffirms a contract must return the consideration he has received, to the extent he is able

[Timiing of Disaffirmance/Ratification]
-A minor may disaffirm a contract any time before she reaches age 18.
* Ratification: Words or actions indicating an intention to be bound by a contract