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Law Chapter 9

TermDefinition
Age of Majority Age at which a person can be legally bound to contracts.
Contractual Capacity Ability to understand that a contract is being made and its general meaning.
Disaffirmance Both parties to a contract return the consideration.
Emancipation Severing the child-parent relationship.
Intoxication Mental impairment caused by voluntary use of alcohol, drugs, or inhalants.
Mental Incapacity Condition in which a party to a contract is unable to understand the consequences of the contractual act.
Minor Individual under the age of majority. (18 in most states.)
Minority Minor part of a person’s life. (Typically under the age of 18.)
Necessaries Things needed to maintain life and lifestyle.
Ratification Acting toward the contract as though one intends to be bound by it; principal’s assent to unauthorized acts of an agent.
Scope of Authority In employment law, range of contractual acts an organization has authorized an employee to do; in agency, range of contractual acts authorized by the principal.
Created by: Ahammer26
 

 



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