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Business Law > Chapter 9 & 10 Review > Flashcards

Chapter 9 & 10 Review Flashcards

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1
Q

Legal ability to enter a contract

A

Capacity

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2
Q

Person who has not yet reached the age of legal adulthood

A

Minor

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3
Q

Young person who has not reached the age of majority

A

Minority

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4
Q

Avoiding a contract as a minor if they choose to

A

Disaffirm

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5
Q

Another word for minority

A

Infancy

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6
Q

Apporve contracts made during minority

A

Ratify

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7
Q

A minor is held responsible for the fair value of necessaries

A

Necessaries

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8
Q

Legal parent

A

Guardian

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9
Q

People who are living in this country but who owe their allegiance to another country

A

Alien

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10
Q

When does a person reach a particular age?

A

The day before they reach 18.

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11
Q

What are the risks of contracting with minors?

A

They can disaffirm a contract and the other party might not be able to recover consideration.

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12
Q

May a minor affirm and disaffirm parts of the same contract?

A

Can’t affirm favorable parts while disaffirming other parts.

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13
Q

May a minor avoid a contract with another minor?

A

Yes because their both under the age of majority.

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14
Q

Contracts for Necessaries

A

Food, shelter, clothing, medicare

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15
Q

When is a minor’s capacity to enter contracts the same as for adults?

A

Car insurance & Life insurance

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16
Q

Minors may enter a contract for a business in their own name. Contracts essential to running that business are not voidable by the minor.

A

Limited Capacity

17
Q

A minor who claims to be over the age of 18 has committed _____

A

Fraud

18
Q

True / False

It is a criminal offense to lie about your age to purchase alcohol

A

True

19
Q

Ratification: To accept the contract

A
  • reaching the age of majority
    -continued use of product after reaching the age of majority
  • continuing to make payments on the product after reaching the age of majority
  • keeping the time for a reasonable time after reaching the age of majority
20
Q

Guardians are responsible for the ____

A

Ward

21
Q

Contracts may only be ratified when….

A
  • reaches the age of majority
  • in writing
  • made orally
  • by one’s actions
22
Q

Who can disaffirm a contract besides minors?

A

Mentally Impaired & Intoxicated People

23
Q

Who has contract limitations

A

Convicts and Aliens

24
Q

Free agreements

A

Gratuitous

25
Q

Exchange of benefits and detriments by the parties to an agreement

A

Consideration

Business Law (6 decks)

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