A comparison the United States law of contracts with the law of contracts of the People's Republic of China.
Pennsylvania Comparison of Contract Law of the People's Republic of China with The United States
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Which of the following is an accurate statement regarding the effect a minor's misrepresentation of age has on his or her right to disaffirm a contract? According to the majority rule, it does not affect the minor's right to disaffirm the contract.
Another term for incapacity is: . Which of the following is a correct statement regarding a minor's power to disaffirm or void a contract? A. If a minor chooses to disaffirm a contract, he or she must void the entire contract.
7 Elements of Valid Contracts: What to Include to Make Things LegalLegality: What Laws Will Apply?Capacity: Are the Parties Fit to Enter an Agreement?Offer: What Is Being Proposed?Consideration: What's in it For You and the Other Parties?Intention: Are the Parties Interested in Partnering Together?More items...?
Minors are liable for their torts and delinquent or criminal conduct, although they still have capacity rights. A minor may be able to disaffirm a contract but will still have to pay any damages due to fraud.
Anytime an individual, business, or other entity agrees to take action, or to make an exchange or payment for something of value, a contract has been created. Examples of such agreements in business include bills of sale, purchase orders, and employment agreements.
According to the majority of jurisdictions, which of the following is an accurate statement regarding a minor's right to disaffirm a contract when the consideration he or she received has been damaged or destroyed? The minor can disaffirm the contract, and the other party has no recourse.
A Explanation: Emancipation occurs when a minor's parents or legal guardians give up their right to exercise legal control over the minor. In most cases, when a minor marries, she or he is considered emancipated.
The 5 elements of a legally binding contract are made up of:An offer.Acceptance,Consideration.Mutuality of obligation.Competency and capacity.
The first Chinese law to carry the title "code" since the founding of the People's Republic of China in 1949, the Civil Code is expected to comprehensively strengthen the protection of people's various rights and improve the Chinese socialist system of laws.
Persons which creates in the parties reciprocal legal obligations to do or not to do particular things. Formal and simple Contract: This contract involves written documents, signed by parties, sealed. It does not necessarily involve consideration once it is signed and sealed except they agree on consideration.