tailieunhanh - Lecture Fundamentals of business law (6/e): Chapter 8 - Margaret Barron

Chapter 8 "Contract Law – Part 2". In this chapter you should understand: the capacity of parties to contract; whether or not a contract with a minor is valid, void or voidable; reality of consent and why it must be present to form a valid contract; | This is the prescribed textbook for your course. Available NOW at your campus bookstore! 8- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Contract Law 2 Chapter 8 8- Capacity of Parties Minors. Persons of unsound mind or intoxicated (alcohol, drugs). Bankrupts. Corporations. 8- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Limited Capacity—Minors Minor (. 8- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Minors—Valid Contract VALID NECESSARIES BENEFICIAL CASH Involves: Re service: TRANSACTIONS Food Education Clothing Employment Shelter Instruction Medicine Dependent on: Lifestyle Time of sale 8- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Minors—Voidable Contract VOIDABLE VOID VALID Differs between states due to introduction of statutes. (. non-binding) If repudiated during minority, or within a reasonable time of turning 18 (. binding) If ratified within a reasonable time of turning 18 8- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Minors—Void Contract VOID Contracts for the Contracts for the payment of repayment of money goods supplied, or to be supplied, lent other than necessaries All 'accounts stated' 8- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Limited Capacity—Persons of Unsound Mind and Intoxicated Persons Voidable contract if: One party did not understand what his/her was doing because of the condition, and the other party in the contract knew of the condition. Voidable at the option of party in a) | This is the prescribed textbook for your course. Available NOW at your campus bookstore! 8- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Contract Law 2 Chapter 8 8- Capacity of Parties Minors. Persons of unsound mind or intoxicated (alcohol, drugs). Bankrupts. Corporations. 8- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Limited Capacity—Minors Minor (. 8- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Minors—Valid Contract VALID NECESSARIES BENEFICIAL CASH Involves: Re service: TRANSACTIONS Food Education Clothing Employment Shelter Instruction Medicine Dependent on: Lifestyle Time of sale 8- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs .