tailieunhanh - Lecture Fundamentals of business law (4th): Chapter 8 - Margaret L. Barron, Richard J.A. Fletcher

Chapter 8 - Contract law (Part 2). This chapter will cover: capacity of minors to contract; contracts for necessaries, and beneficial contracts of service, voidable contracts with respect to minors, void contracts with respect to minors,. | This is the prescribed textbook for your course. Available NOW at your campus bookstore! 8- Copyright © 2000 McGraw-Hill Australia Contract law Part 2 Chapter 8 Limited capacity (of either party) Minors Persons of unsound mind or intoxicated (alcohol, drugs) Bankrupts Corporations 8- Copyright © 2000 McGraw-Hill Australia Limited capacity Minor (. 8- Copyright © 2000 McGraw-Hill Australia Minors - valid contract VALID NECESSARIES BENEFICIAL CASH Involves: Re service: TRANSACTIONS Food Education Clothing Employment Shelter Instruction Medicine Dependant on: Lifestyle Time of sale 8- Copyright © 2000 McGraw-Hill Australia Minors - voidable contract VOIDABLE VOID VALID Differs in 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 Australia Minors - void contract VOID Contracts for the Contracts for the payment of repayment of money goods supplied, or to be lent supplied, other than necessaries All “accounts stated” 8- Copyright © 2000 McGraw-Hill Australia Limited capacity - persons intoxicated or of unsound mind Voidable contract if: (a) One party did not understand what they were doing because of the condition, and (b) the other party in the contract knew of the condition. Voidable at the option of (a) 8- Copyright © 2000 McGraw-Hill Australia Restricted capacity Bankrupts Disclosure if: - Credit in excess of $3 000 - Trading under a firm or under an assumed name Corporations Power to contract through individuals authorised to contract on behalf of company. (Contracts entered into prior to incorporation can be ratified on incorporation - Corporations Law) 8- Copyright © 2000 McGraw-Hill Australia Consent Consent Absent due to: Genuine Mistake by both parties Misrepresentation Valid Duress Undue influence Unconscionable . | This is the prescribed textbook for your course. Available NOW at your campus bookstore! 8- Copyright © 2000 McGraw-Hill Australia Contract law Part 2 Chapter 8 Limited capacity (of either party) Minors Persons of unsound mind or intoxicated (alcohol, drugs) Bankrupts Corporations 8- Copyright © 2000 McGraw-Hill Australia Limited capacity Minor (. 8- Copyright © 2000 McGraw-Hill Australia Minors - valid contract VALID NECESSARIES BENEFICIAL CASH Involves: Re service: TRANSACTIONS Food Education Clothing Employment Shelter Instruction Medicine Dependant on: Lifestyle Time of sale 8- Copyright © 2000 McGraw-Hill Australia Minors - voidable contract VOIDABLE VOID VALID Differs in 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 Australia Minors - void