Please see the below and reply to the responses that was posted for each question.
How Old is Old Enough?
In the context of contract law, do you think that the legal age of majority should be 18 years old, older, or younger? At what age should individuals be bound by their contracts and why?
response: I think the age individuals should be bound by their contracts is whatever the legal age of an adult for most instances. Whether the individual is 18 or is an emancipated minor the age that individuals should be bound by their contracts is when they become a legal age of adult. Their are a few situations that contracts should be binding sooner than adult age like college admission and student loans but anything much more than that I do not see any reason why someone under the legal age of an adult would be in a situation that requires the need for a binding contract.
Consider the following case and post your response.
Helen owned a house which she wanted to sell. During her ownership of the house she told other people that it was haunted and that she had experienced a number of encounters with ghosts in the house. When it came time for Helen to sell her house, she did not tell prospective buyers about her ghostly experiences. Jeffrey entered into a contract to buy the house from Helen without knowing about its alleged haunting. After Jeffrey entered into the contract he learned about the claims surrounding Helen’s house. Jeffrey wants to rescind the contract now and not go through with the deal. What do you think? Does he have a defense? Why or why not?
Jeffery can withdraw the contract from Helen because the appropriate disclosures were not made by Helen before selling the house . the contract has been made in the wrong faith by the Helen therefore jeferry holds the rights to overturn the contract.
If you are selling, it is very important to understand not only your disclosure obligations but also the potential adverse legal ramifications for failing to make a required disclosure.
It has become increasingly common in recent years for buyers to move into a home, discover some issue regarding the condition of the home and then sue the seller claiming that the seller either failed to disclose the issue or that they actively concealed it. The most common alleged defects are those pertaining to water infiltration in the basement or any other extraordinary conditions as well.