Podcast
Questions and Answers
Which of the following is NOT a requirement for a valid contract?
Which of the following is NOT a requirement for a valid contract?
At what age does a minor have no contractual capacity?
At what age does a minor have no contractual capacity?
When a couple is married in community of property, what happens to their separate assets?
When a couple is married in community of property, what happens to their separate assets?
What is required for a contract involving the sale of immovable property in a community of property marriage?
What is required for a contract involving the sale of immovable property in a community of property marriage?
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Which statement about minors and contractual capacity is true?
Which statement about minors and contractual capacity is true?
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Which of the following best describes the formalities needed for a valid contract?
Which of the following best describes the formalities needed for a valid contract?
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In a marriage out of community of property, what is true about property ownership?
In a marriage out of community of property, what is true about property ownership?
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What does the legality requirement for a contract entail?
What does the legality requirement for a contract entail?
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Which of the following statements is correct regarding the liabilities of spouses in community of property?
Which of the following statements is correct regarding the liabilities of spouses in community of property?
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What is the time frame for registering a contract at the deeds office?
What is the time frame for registering a contract at the deeds office?
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In a marriage out of Community of Property without Accrual, how are the spouses' assets handled?
In a marriage out of Community of Property without Accrual, how are the spouses' assets handled?
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What happens to the properties acquired during a marriage out of Community of Property with Accrual if the marriage ends?
What happens to the properties acquired during a marriage out of Community of Property with Accrual if the marriage ends?
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What is the effect of drunkenness on contractual capacity?
What is the effect of drunkenness on contractual capacity?
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What does insolvency mean in terms of assets and liabilities?
What does insolvency mean in terms of assets and liabilities?
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What is the purpose of a sequestration order?
What is the purpose of a sequestration order?
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Which contracts cannot an insolvent person enter into without the trustee's consent?
Which contracts cannot an insolvent person enter into without the trustee's consent?
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What is a consequence of a contract entered into while a person is declared insolvent?
What is a consequence of a contract entered into while a person is declared insolvent?
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What types of contracts are an insolvent person fully capable of entering?
What types of contracts are an insolvent person fully capable of entering?
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Which of the following statements is true about contracts established by drunken persons?
Which of the following statements is true about contracts established by drunken persons?
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Study Notes
Legal Requirements for a Valid Contract
- Capacity: The legal ability to enter a contract.
- Agreement: Offer and acceptance, mutual understanding.
- Formalities: Must comply with legal or agreed-upon requirements.
- Certainty: Terms must be clear and unambiguous.
- Possibility: Performance must be possible by all parties.
- Legality: The contract must not require illegal acts.
Contractual Capacity of Minors
- Definition: Under 18 has limited capacity.
- Emancipation/Marriage: Emancipated or married minors have full capacity.
- Under 7: No contractual capacity.
- 7-18: Limited capacity; requires guardian's assistance.
Capacity of Married Couples
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Community of Property: Spouses' assets are joined in a joint estate; both are jointly and severally liable. They have full individual capacity for contracts related to the joint estate, except for crucial contracts which require the other spouse's consent (e.g., property sales, surety agreements, certain credit agreements). Consent requires both spouses' signatures and witnesses.
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Out of Community of Property: Spouses own assets separately. They have full capacity over their personal property. Requires an antenuptial contract for this arrangement.
Types of Antenuptial Contracts
- Out of Community of Property without Accrual: Separate assets before and after the marriage.
- Out of Community of Property with Accrual: Separate initial assets but any gains during the marriage are subsequently divided (percentage agreed upon).
Capacity of Drunken Persons
- Impairment: If intoxicated to the point of not understanding the contract, the contract is void.
- Void Contract: The contract is not enforceable.
- Restitution: The affected person can recover what they gave.
Capacity of Insolvent Persons
- Definition: When someone's liabilities exceed their assets.
- Sequestration: Court takes control of assets for debt repayment.
- Restricted Capacity: Limited capacities relating to assets, estate, and professional dealings require trustee approval.
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Description
Test your knowledge on the legal requirements for a valid contract. Explore concepts such as contractual capacity, particularly concerning minors and married couples, and understand the implications of agreement, legality, and certainty in contract law.
