Law Questions
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Minors are not liable for their torts growing out of a contractual transaction.
In many state, the term of the stature of repose in 12 years.
All contract executed by a person declared permanently insane (by a judge) are void.
If two friends agree to go to the movie, a binding contract has been made.
Once a minor reaches the age of majority they have no power to disaffirm a contract.
Agreements involving illegal lotteries are void.
Half-truths cannot be used to conceal or mislead.
Debts discharged in bankruptcy can still be reaffirmed by the debtor.
When acting under duress of threats of illegal or tortuous conduct, the injured party could rescind.
In most states, parties to contract must be 18 in order to form a legally binding contract.
When the mutual mistake is about the applicable law, the contract is void.
What two parties give and get as consideration must be of equal economic values.
If a mutual mistake of material fact as to the identity of the subject matter of a contract occurs, the contract is valid.
In economic duress, the courts will look only at the threat.
An act that has already been performed can serve as consideration for a later promise.
One is always obligated to reply to offers made by others.
An innocent buyer of stolen good is a converter.
Child and elderly parent is a confidential relationship.
Contractual capacity is the ability to understand the consequences of a contract.
A gift is a transfer of ownership without receiving anything in return.