Business Law Report - Contracts

11 Pages 2858 Words

within a reasonable time after the individual reaches the age of majority. (West 242) In accordance with this, Brant can disaffirm the contract after his eighteenth birthday, if it is within a reasonable amount of time. In this situation, a judge would determine if a reasonable amount of time has passed. If the judge rules in favor of Brant, meaning that a reasonable amount of time has transpired, Brant can disaffirm his contract. Brant would then have to give Cooper $5000 and Cooper would have to return the coin collection. If an unreasonable amount of time has passed, then Brant will not have the opportunity to get his coin collection back. Cooper will remain in possession of the coins and Brant will have no other course of action. The situation stated that Brant wanted the coin collection back one year after he reached the year of majority. Most likely, one year would not be considered a reasonable amount of time and, as a result, Brant wouldn’t be allowed to disaffirm the contract.
In cases when an unreasonable amount of time has passed, the law assumes that the contract was ratified when the minor didn’t take any action to disaffirm the contract shortly after reaching the age of majority and it was executed by both parties before the minor reached the age of majority. If the contract was executory when the Brant wanted to get the contract back one year after reaching the age of majority, for example Cooper still owed him a portion of the $5000, Cooper could disaffirm the contract because the law considers executory contracts to be disaffirmed when they are executory by one of the parties. (West 242)
In the second situation the contract is oral, and both parties are adults. Brant creates a memorandum of the transaction, indicating the names of the parties, the date, the exact terms of the contract; Brant places the memorandum in his file. Cooper refuses to go through with the agreement. The issue at hand is if t...