Law make about person capacity to contract

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Reference no: EM133935857

Questions

1. What general presumption does the law make about a person's capacity to contract?

2. What is the legal liability of minors in relation to contracts for necessaries?

3. Langstraat was seventeen when he purchased a motorcycle. When applying for insurance, he signed a "Notice of Rejection," declining to purchase uninsured motorist coverage. He was involved in an accident with an uninsured motorist and sought to disaffirm his rejection of the uninsured motorist coverage on the basis of infancy. May he do so?

4. Ken is 17 years old. He has a part-time job and decided to buy a new computer system. He spoke with Beth, the authorized sales representative for MicroComp USA, and negotiated a deal to buy a computer system from MicroComp with $1000 down and payments over time for the next five years. Beth knew that Ken was 17 years old. About a week later, Beth's boss, Sarah, found out Beth had sold the system to a minor and told Beth to get the computer back and cancel the deal. So, Beth called Ken and told him that MicroComp was voiding the contract because he was a minor. Was Beth legally correct? Can MicroComp do this?

5. Case Analysis:

Krasner shared office space with Berk. Periodically, they renegotiated a contract that stipulated how rental payments would be shared between them. Before the most recent agreement was renegotiated, Krasner discovered that Berk was suffering from a serious case of senility that made him incapable of fully understanding the agreement. Nevertheless, he negotiated with Berk and entered into a new contract. Two months later, Berk had to give up his business because of his mental problems. Berk then attempted to get out of the rental agreement based on his mental capacity. Will Berk succeed? Krasner v. Berk, 319 N.E.2d 897 (MA 1974).

Reference no: EM133935857

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