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18 Cards in this Set
- Front
- Back
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What is the legal ability to enter into a contract called?
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Capacity
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When people enter into contracts, they are permitted by law to presume that the other party or parties have the capacity to contract. What is this presumption called?
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Rebuttable Presumption
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The age of legal adulthood is known as _____________.
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Majority
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A person who has not yet reached majority is considered a ___________.
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Minor
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The age at which a person is no longer considered a minor
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18
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What term is used to describe minors who are no longer under the control of their parents?
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Emancipated
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Contracts entered into by minors are __________.
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Voidable
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Most states will allow a minor to disaffirm a contract with a full refund even if _____________.
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They no longer have the item or only return the portion of it that they still have
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Can a minor agree to some parts of a contract and not to other parts of the same contract?
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No
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When 2 minors enter into a contract do either one have the right to disaffirm and make the contract voidable?
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Both minors have the right to disaffirm the contract.
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After reaching the age of majority, can a person ratify or approve a contract that they made as a minor?
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Yes
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What are items such as food, clothing, shelter, and medical care called?
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Necessaries
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Minors are responsible for what portion of necessary items purchased?
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The "fair market value" of the necessaries.
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Other types of people who may disaffirm a contract are _____________?
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Mentally impaired,Intoxicated individuals, convicts, or aliens
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People who live in this country but are citizens of another country are referred as __________?
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Aliens
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If a minor claims to be over the age of majority, then he or she has committed __________?
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Fraud
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After reaching the age of majority, a person can ratify a contract they made as a minor by 3 means.
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1. Orally
2. In Writing 3. By Actions (such as selling the item, continuing to make payments, or continuing to use the item. |
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When are the contracts of a mentally impaired person considered valid?
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When the mentally impaired person has a guardian.
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