- 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.