Contracts Cont I Mailbox Offers Example of timing 09 19 2013 June 3ed Offer Received Legal Offer a June 1st Offer Mailed No Legal effect b June 2ed Revocation Mailed No Legal Effect c d June 4th Acceptance Mailed Legal Acceptance e June 5th Revocation Received No Legal Effect June 6th Acceptance Received Legal Contract f II Contractual Capacity An ability to understand the binding nature of a contract Minors 18 years old is the age of majority where you are no longer a minor and can be tried and referred to as an adult a Minors in The State Of New York are 17 and Under Contract made by a minor is voidable made by the decision of the minor Time For Avoidance If the minor would like to withdraw from a contract they must do so during their minority or for a reasonable time after This is also called Ratification Restitution Upon Avoidance If a minor backs out of a contract the minor is required to return the item he has and he is also entitled to the money he has paid less the value the item is damaged or depreciated Contracts For Necessities The minor can still back out of the contract but the creditor can be ensured to receive the value of item in the contract Exceptions For Minor Contracts o Student Loans o Matters Involving Bank Accounts o Insurance Policy s o Stocks Bonds Parental Liability In New York State parents are not liable for contracts made by minors III Incompetent People These people lack contractual capacity therefore the law allows them to withdraw form a contract IV Intoxication Not a valid defense to a contract claim
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