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Lecture Business law: The ethical, global, and e-commerce environment (15/e): Chapter 14 - Mallor, Barnes, Bowers, Langvardt

Chapter 14 - Capacity to contract, learning objectives of this chapter include: Explain concept of capacity, list the classes of persons without capacity and the effect on a contract, describe the rights to disaffirm or ratify and duties of disaffirmance. | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 3 Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent Contracts P A R T 3 Capacity to Contract Illegality Writing Rights of Third Parties Performance and Remedies Contracts P A R T Capacity to Contract P A E T R H C 14 No brilliance is needed in the law. Nothing but common sense, and relatively clean fingernails. John Mortimer Learning Objectives Explain concept of capacity List the classes of persons without capacity and the effect on a contract Describe the rights to disaffirm or ratify and duties of disaffirmance A person must have the ability to give consent before he can be legally bound to an agreement, thus capacity is the ability to incur legal obligations and acquire legal rights Definition Groups lacking capacity: Minors Those suffering a mental disability Those who are intoxicated Effect -- a person who contracts without the . | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 3 Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent Contracts P A R T 3 Capacity to Contract Illegality Writing Rights of Third Parties Performance and Remedies Contracts P A R T Capacity to Contract P A E T R H C 14 No brilliance is needed in the law. Nothing but common sense, and relatively clean fingernails. John Mortimer Learning Objectives Explain concept of capacity List the classes of persons without capacity and the effect on a contract Describe the rights to disaffirm or ratify and duties of disaffirmance A person must have the ability to give consent before he can be legally bound to an agreement, thus capacity is the ability to incur legal obligations and acquire legal rights Definition Groups lacking capacity: Minors Those suffering a mental disability Those who are intoxicated Effect -- a person who contracts without the requisite capacity may avoid the contract at his/her option The Lack of Capacity At common law, the age of majority was 21. However, the Twenty-sixth Amendment to the Constitution gave 18-year-olds the right to vote. In response, the age of majority has been lowered by 49 states. In almost all of these states, the age of majority for contracting purposes is now 18. Right to avoid a contract is disaffirmance Only the minor may avoid the contract Example of disaffirmance: Woodman v. Kera LLC: Parent or guardian cannot contractually bind a minor ward. If minor wants to affirm the contract, adult party must perform Minor’s Right to Disaffirm Five-year-old Trent Woodman’s parents had his birthday party at Bounce Party (operated by Kera LLC). Bounce Party is an indoor play area with inflatable play equipment. Before the party, Trent’s father, Jeffrey Woodman, signed a liability waiver on Trent’s behalf. Trent jumped off a slide and broke his leg. Trent’s mother, Sheila Woodman, filed .