How much of a voidable contract may a minor ratify

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Reference no: EM132340347 , Length: word count : 1500

Answer the following Questions :

Part 1

1. Generally, what presumption does the law make regarding parties’ legal and mental capacity to contract?

2. What types of contracts cannot be avoided by a minor?

3. How much of a voidable contract may a minor ratify?

4. What is the safest way for an adult to be protected when contracting with minors?

5. Does an intoxicated person have the capacity to contract? Why or why not?

Part 2

1. What is consideration? Explain.

2. Generally, why is the law not concerned with the adequacy of consideration?

3. When can partial payment of a past-due debt constitute consideration to support the creditor’s promise to cancel the balance of the debt?

4. When does forbearance not constitute valid consideration?

5. Why is consideration unnecessary to support an obligation of record?

Reference no: EM132340347

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