Chapter 5_Elements of a Contract

Legal ability to enter into a contract

• Capital
• Capacity
• Consideration
• Ratification

A person who has not yet reached the age of adulthood

• Majority
• Teen
• Infant
• Minor

The status of reaching the age of adulthood, 18 in most states

• Minor

• Emancipated

• Majority

• Affirmed

A minor who is no longer under the legal control of his or her parents

• Free
• Emancipated
• Juvenile
• Majority

To show the intent not to live up to a contract

• Disaffirm
• Ratify
• Forbearance
• Usury

The act of agreeing to go along with a contract that could have been avoided

• Disaffirm
• Assumption
• Ratification
• Promissory Estoppel

A legal principle that holds that nobody should be allowed to do something that harms the public

• Fiscal Policy
• Monetary Policy
• School Policy
• Public Policy

A state law that requires that certain contracts be in writing so that there is evidence that the contract exists and that it has certain definitive terms

• Gambling Statute
• Blue Law Statute
• Statute of Frauds
• Commerce Clause

The exchange of benefits and detriments by the parties to a contract

• Capacity

• Capital

• Consideration

• Collateral

The act of not doing what you have the right to do

• Assumption
• Obligation
• Accord and Satisfaction
• Forbearance