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Contractual Capacityl How to explain thelegal concept ofminorityl How to identify therights of minors inrelation to contractsl How to identifycontracts that arevoidable by a minorl How a person canratify a contract madein minorityl How to identify others,besides minors, whocan rescind contractsThe Requirement of CapacityThe last two chapters established that a legally binding contract requiressix elements. The first two elements, offer and acceptance, combineto make the third, which is genuine acceptance. Remember that ifgenuine agreement is disrupted by fraud, misrepresentation, mistake,duress, or undue influence, a contract may not be considered binding.Three other elements are also required of legally valid contracts. Thesefinal elements are capacity, consideration, and legality. Capacity relatesdirectly to the involvement of minors in contracts.Understanding the rightsafforded to minors incontract law will enableyou to exercise yourrights and help others.l capacityl rebuttablepresumptionl majorityl minor/minorityl emancipatedl abandonedl ratifyl necessariesl guardianl aliensCONTRACTUAL CAPACITYThe law permits minors to rescind their contracts. This law isintended to protect minors from unscrupulous adults whomight try to take advantage of their inexperience. If the ideabehind granting minors the ability to withdraw from contractsis to protect minors from adults, why does the court permitminors to rescind contracts with one another?146 Unit 2: Entering Into Contracts