Contract Law: Week 1 Introduction

<p>Can veto decisions made by the individual needing assistance. (A)</p> Signup and view all the answers

<p>One party takes unfair advantage of another's vulnerability. (C)</p> Signup and view all the answers

<p>Contracts for necessities. (B)</p> Signup and view all the answers

<p>A contract that is grossly unfair to one party (C)</p> Signup and view all the answers

<p>It may limit the ability to contract if the intoxication is severe (D)</p> Signup and view all the answers

<p>Contracts made by mentally incapacitated individuals may be voidable (D)</p> Signup and view all the answers

<p>It helps individuals with impaired capacity to make informed decisions (C)</p> Signup and view all the answers

<p>The legal competence to enter into a binding contract (A)</p> Signup and view all the answers

<p>If one party takes advantage of another's weakness (B)</p> Signup and view all the answers

<p>Courts should uphold agreements made by parties without interference (C)</p> Signup and view all the answers

<p>By the individual's ability to recognize contract terms (B)</p> Signup and view all the answers

<p>The age of the parties involved (D)</p> Signup and view all the answers

<p>They are usually voidable. (A)</p> Signup and view all the answers

<p>Goods suitable to the condition in life of the minor and to their actual requirements. (D)</p> Signup and view all the answers

<p>Married women and slaves (D)</p> Signup and view all the answers

<p>The minor must receive some benefit from the contract. (B)</p> Signup and view all the answers

<p>All exchanged items must be returned. (A)</p> Signup and view all the answers

<p>Signing a contract for a luxury item. (B)</p> Signup and view all the answers

<p>By assessing the financial benefit and standard terms compared to similar contracts. (D)</p> Signup and view all the answers

<p>The legal classification of married women as not sui iuris. (A)</p> Signup and view all the answers

<p>Voidable if the individual was unable to understand the nature of the transaction. (A)</p> Signup and view all the answers

<p>The necessity based on the minor's specific circumstance. (C)</p> Signup and view all the answers

Contracts with someone lacking mental capacity may be voidable or enforceable, depending on whether the other party knew of the incapacity.

A new test for contracts with limited capacity, focusing on understanding information, retaining it, using it in decision-making, and communicating the decision.

Contracts with intoxicated individuals are voidable if the intoxicated person rescinds it promptly, and the intoxication level must be severe.

Contracts for necessities with mentally incapacitated people are enforceable, but must involve 'fair value', not market price.

Contracts made with mentally incapacitated individuals could be challenged as unconscionable , or unfair, at a later stage.

A person appointed to make decisions on behalf of someone with limited capacity who cannot legally act on their own.

The idea that people can voluntarily enter into agreements and are free to make bargains.

Contracts involve doing things for people, while torts involve doing things to people.

The legal ability of a person to enter into a valid contract.

A mutual understanding between two or more parties.

An exchange of promises or performance beneficial to both parties.

A promise made without anything of value exchanged in return; unenforceable in a contract.

The ability to legally act on one's own behalf, crucial for valid contract creation.

The ability to negotiate and agree to specific terms of a contract.

The idea that contracts must be upheld, courts are to enforce them as the parties intended.

Minors usually have voidable contracts, meaning they can cancel them before or after reaching adulthood. Exceptions include contracts for necessities or beneficial services.

A contract a minor can cancel before reaching adulthood or can be canceled if there were unfair conditions or exploitation.

Goods suitable to a minor's situation and required at the time of purchase. These contracts are enforceable.

Contracts where a minor gains some benefit, like training or learning a skill.

Acceptance of a contract by a minor when they reach adulthood.

The cancellation of a contract by a party.

Having legal capacity.

Contracts are voidable for many minors, however, if they are for essential needs or the minor gains a financial benefit, the contract may be binding.

Contracts that are beneficial for the minor, like those involving vocational training or educational value.

Determining whether an item is a necessary for a minor depends on the minor's financial situation and the nature of the item.