Use of the word consideration in an agreement means that consideration has been given. Consideration is defined as the value given in return for a promise. Sandra will be able to enforce the promise. If Harry promises to pay Larry not to park in a no-parking zone in front of Harry's house, then the agreement is a. enforceable because Larry is giving up the right to do something that he would otherwise do in the absence of the agreement. If two parties rescind their initial agreement and enter into a new agreement at the same time, some courts may a. apply the preexisting duty rule and refuse to enforce the new promise.
Some states permit minors to terminate their minority status when they get married.
A person may be able to understand the nature and effect of entering into a certain contract but lack the capacity to engage in other activities. In most states, a minor can disaffirm a contract for the sale of land only after reaching the age of majority. Ralph, a minor, signs a contract on behalf of the high school football team on which he plays, to purchase alcoholic beverages for the team party. The contract is a. valid but may be disaffirmed. Linda is adjudicated incompetent by a court but subsequently purchases a home, a car, clothes, and jewels.