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Chapter 7 and 8 guid
| Question | Answer |
|---|---|
| The procedure by which a minor can approve a voidable contract on reaching majority. | Ratify |
| Minors who are no longer under the control of their parents. | Emanicipated |
| Term used to describe a person who has no reached the age of legal adulthood. | Minority |
| Legal ablilty to enter a contract. | Capacity |
| People who are living in this country, but who owe their allegiance to another country. | Aliens |
| Items such as food, clothing, shelter, or medical supplies for whcih a minor can be held responsible for fair value. | Necessaries |
| One who is appointed by the court to look after the affairs of a mentally imcompetent person. | Guardian |
| Status of a person who has reached the age at which full civil rights are granted. | Majority |
| An assumption that can be challenged in a court of law. | Rebuttable Presumption |
| Young person who has not reached the age of legal adulthood. | Minor |
| Consideration that took place before a contract was made. | Past Consideration |
| Something that a party was not previously entitled to receive. | Benefit |
| Consideration | |
| A legal obligation to do something or under contract to do something/ | Preexisting Duty |
| Without value or legal consideration. | Graduitous |
| Appearing at first to bind both parties to a contract, but in actually not doing so. | Illusory Promise |
| Contracts in which there is a great inequality in bargaining power between the parties, and the party with all or most of the power takes advantages of the other party. | Unconscionable |
| The act of refraining to do something that a person has a legal right to do. | Forbearance |
| The giving up, or surrender, of a claim or right or action. | Release |
| The doctrine that a promise may be enforceable without consideration if that promise reasonably induced another's action, and the breaking of that proise would result in injustice. | Promissory Estopped |