Asked by Isaiah Diller on May 26, 2024
Verified
Janet,age 15,has to make it on her own.To protect herself from the winter winds,Janet buys a coat on credit for $200 from the Lifestyle Clothing Store.The coat's reasonable value is $80.Before making any payments on the coat,Janet tells the store that she wants to disaffirm,i.e. ,she wants her money back in exchange for the coat.Can Janet disaffirm? If not,what must she pay?
Disaffirm
the legal right, often associated with minors, to renounce or void a contract or agreement, under certain conditions, to protect from exploitation or unfair terms.
Reasonable Value
The fair or moderate worth of goods, services, or property in usual market conditions.
Lifestyle Clothing Store
A lifestyle clothing store sells apparel and accessories focusing on specific cultural or activity-based lifestyles, often embodying particular fashions, values, or preferences of a niche market.
- Acknowledge the rights and liabilities of minors within contract law.
- Identify the critical and non-critical components in contracts that include minors.
- Determine the legal repercussions and responsibilities subsequent to the nullification of a contract.
Verified Answer
Learning Objectives
- Acknowledge the rights and liabilities of minors within contract law.
- Identify the critical and non-critical components in contracts that include minors.
- Determine the legal repercussions and responsibilities subsequent to the nullification of a contract.
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