Podcast
Questions and Answers
What is a contract?
What is a contract?
- An agreement between two or more persons where only one person agrees to do something
- An agreement between two or more persons where neither person agrees to do something
- An agreement between two or more persons where each person agrees to do something outside of the agreement
- An agreement between two or more persons where each person agrees to do something in terms of the agreement (correct)
What are the six requirements for a valid contract?
What are the six requirements for a valid contract?
- Contractual capacity, agreement, adherence to formalities, uncertainty, possibility of performance, and legality
- Contractual capacity, agreement, adherence to formalities, certainty, possibility of performance, and legality (correct)
- Contractual capacity, agreement, adherence to informalities, certainty, possibility of performance, and legality
- Contractual capacity, disagreement, adherence to formalities, uncertainty, impossibility of performance, and illegality
Who possesses contractual capacity?
Who possesses contractual capacity?
- Only minors possess contractual capacity
- Only married persons possess contractual capacity
- Only adults possess contractual capacity
- Generally, everyone possesses contractual capacity (correct)
What are the three categories of people with limited contractual capacity?
What are the three categories of people with limited contractual capacity?
What is the age range for a minor?
What is the age range for a minor?
How can a minor attain majority?
How can a minor attain majority?
What is the age range for a minor to have limited contractual capacity?
What is the age range for a minor to have limited contractual capacity?
What is ratification in relation to a minor's contract?
What is ratification in relation to a minor's contract?
Study Notes
The Law of Contracts and Contractual Capacity
- A contract is an agreement between two or more persons where each person agrees to do something in terms of the agreement, and it can be oral or written.
- There are many types of contracts, including contracts of lease and contracts of sale.
- There are six requirements for a valid contract, including contractual capacity, agreement, adherence to formalities, certainty, possibility of performance, and legality.
- Contractual capacity means that someone is allowed by law to enter into a contract, and generally, everyone possesses contractual capacity.
- Minors, married persons, and insolvents have limited contractual capacity.
- Minors are natural persons under the age of 18, and they have limited contractual capacity.
- A minor can attain majority by getting married or by way of a court order, known as an order of emancipation, which can be obtained by approaching the High Court.
- A minor under the age of 7 has no contractual capacity, and any contract must be entered into on their behalf by their parents or guardians.
- A minor between the ages of 7 and 18 has limited contractual capacity and may enter into a contract only with the assistance of their parents or guardian.
- A parent's or guardian's consent to a minor entering into a contract may be express or implied.
- Ratification refers to a situation where a minor's parents or guardian give consent to the contract after the minor has already entered into the contract.
- Once a minor attains majority, they can ratify any contracts they have entered into while they were still a minor, and the contracts become binding on them.
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Description
Test your knowledge on the Law of Contracts and Contractual Capacity with this quiz! Learn about the requirements for a valid contract, the different types of contracts, and the concept of contractual capacity. Understand the limitations for minors, married persons, and insolvents, and how ratification works. Sharpen your legal understanding with this informative quiz!
