Business Law Chapters 9 - 12

The ability to understand that a contract is being made and its general meaning.

• Contractual Capacity

• Age of Majority

• Ratification

• Scope of Authority

The age at which a person can be legally bound to contracts

• Contractual Capacity

• Age of Majority

• Minor

• Emancipation

A person who has not reached the age of majority, which is usually 18.

• Emancipation

• Ratifier

• Minor

• Contractor

Ending a contract when both parties give back the consideration.

• Disaffirmance

• Necessaries

• Ratification

• Emancipation

Things needed to maintain life and lifestyle.

• Ratification

• Emancipation

• Necessaries

• Scope of Authority

Acting toward a contract as though one intends to be bound by it.

• Disaffirmance

• Emancipation

• Contractual Capacity

• Ratification

The severing of the child-parent relationship.

• Disaffirmance

• Emancipation

• Intoxication

• Ratification

Not having the ability to understand the consequences of contractual acts.

• Contractual Capacity

• Mental Incapacity

• Emancipation

• Disaffirmance

Mental impairment caused by voluntary use of alcohol, drugs, or inhalants.

• Disaffirmance

• Ratification

• Emancipation

• Intoxication

Within the range of acts an organization has authorized a party to do.

• Contractual Capacity

• Age of Majority

• Necessaries

• Scope of Authority