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Final Exam Guide

Final Exam Guide

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Published by free testbank
Acct. 2990/ Business Law - Final Exam Guide - (Accounting)
Acct. 2990/ Business Law - Final Exam Guide - (Accounting)

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Published by: free testbank on Dec 05, 2010
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Business Law Final Notes and Examples• Contractual Capacity: Intoxicated persons may not use their intoxication as an excuse. Law
differs from what happens in the real world. It is the one who is asserting incapacity that has toprove that they are incapacitated.• Minors: Females mature faster than males and therefore the minor age is different. Madecommon law through observation. No state now has age difference in contractual capacity.• Infancy Doctrine: Cory Everson Fitness signs up freshman girls. Dad gets the bill and does notwant to pay for it. Since she is 18, she is not obligated to pay or remain in the contract because of her young age. She does have to pay for the time she used. Leases with no cosigners at the age of 18 (minor) are the same way.• Minor’s Duty of Restoration: Car dealer sold 16 year old a car. He gave down payment andlittle payments every month. Car broke down and is now valued at 3,000 dollars (12,000 startvalue). Minor just has to return what he has, in its condition, in order to receive his fullconsideration back. As long as the damage was not done intentionally, the minor receives themoney and the adult suffers the loss.• Minor’s Duty of Restitution: Car Wreck from drag racing would no longer give minor theability to disaffirm contract.• Misrepresentation of Age: Criminal law misrepresentation of age does not matter, but isimportant in contract law.• Ratification: Must be done within a reasonable time. Contract is considered ratified after areasonable time, after the person makes a statement of ratification, and his actions showratification. EX: Minor sends birthday invite to car dealer and this is the first time he realizes heis a minor. The car dealer goes to the party and has him sign a statement saying that he ratifiesthe contract. EX: If nothing is done, but the party continues to make payments it is consideredratified. EX: Jones v. Free Flight Sport Aviation – signs contract to skydive, reaches age of majority, 10 months later he is severely injured while skydiving. He has participated in theactivity every month and continued to pay. Therefore, his contract was ratified by his actions.• Necessaries of Life: Minors are required to pay for these items if parents are not there to do so.Leases are not under this category because your parents have a home for you that you could livein.• Emancipated: reach the age of majority; minor gets married; minor joins the military;

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