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Definition
| A contingency is an event that may or may not occur; it is a possibility. |
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| Franchising is the granting to another the sole right of engaging in a certain business or in a business using a particular trademark in a certain area. |
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| Surrogacy is the practice of contracting between a person who intends to be a parent and a woman who provides her uterus to carry an embryo throughout pregnancy and provides that the woman who is the "surrogate mother" will (1) bear a child for the intentional parent, and (2) relinquish any and all rights to the child. |
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| Incapacity is the lack of ability to have certain legal consequences attached to one's actions. |
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Definition
| The doctrine of incapacity provides that a contract entered by a person who is unable to understand the nature of the contract and its obligations is voidable by that person. |
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| A promise is the manifestation of an intention to act or refrain from acting in a certain way, conveyed in such a way that another is justified in understanding that a commitment has been made. |
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| A moral obligation is a duty that is based only on one's conscience and that is not legally enforceable. |
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| An exchange is the act of transferring interests, each in consideration for the other. |
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| At will employment is the relationship between master and servant that is usually undertaken without a contract and that may be terminated at any time, by either party, without cause. |
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| The Statute of Frauds is a law (based on the English model) designed to prevent fraud and perjury by requiring certain contracts to be in writing and signed by the party to be charged. |
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Term
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Definition
1) a contract for the sale or transfer of an interest in land
2) a contract that cannot be performed within one year of its making
3) a contract for the sale of goods valued at $5000 or more
4) a contract of an executor or administrator to answer for the decedent's debt
5) a contract to guarantee the debt or duty of another
6) a contract made in consideration of marriage |
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Term
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Definition
| Emancipation is the act by which a parent frees a child and gives the child the right to his or her own earnings. |
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Definition
| The cognitive test confines avoidance of contracts for want of capacity to cases in which the party was so profoundly disabled that he did not know what he was doing. |
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Definition
| The volitional test is broader than the cognitive and recognizes not only cognitive disorders, but also illness or defects that impair the party's ability to transact in a reasonable manner. |
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Term
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Definition
| The infancy doctrine provides that a natural person has the capacity to incur only voidable contractual duties until the beginning of the day before the person's 18th birthday. |
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Term
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Definition
| The capacity doctrine states that a natural person who manifests assent to a transaction has full legal capacity to incur contractual duties unless he is: |
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Term
| Four requirements that negate capacity |
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Definition
1) under guardianship
2) an infant
3) mentally ill or defective
4) intoxicated |
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