BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Disaffirmance is the right for one party to renounce a contract. The person must indicate that they will not be bound by the terms outlined in the agreement expressly or implicitly. People who can prove they lacked the capacity to enter a legally binding contract and minors can disaffirm a contract.

Detailed explanation-2: -Incapacity to Contract If a minor wants to disaffirm a contract upon attaining the age of majority, 18 in most states, he must do so within a reasonable time after reaching the age of majority. For example, returning a previously purchased car two weeks after turning 18 was soon enough to qualify as a disaffirmation.

Detailed explanation-3: -Overview of Exceptions to Minor’s Right to Disaffirm. Misrepresentation and Liability for Necessaries. Capacity and Loss of Value. Types of Contracts.

Detailed explanation-4: -A person lacking contractual capacity can disaffirm a contract for non-necessaries anytime while still under the incapacity, or within a reasonable time after attaining capacity. After attaining capacity, the person may ratify the contract that was made while incapacitated.