Disaffirmance Sample Clauses
The Disaffirmance clause allows a party, typically a minor or someone lacking legal capacity, to void or cancel a contract they have entered into. In practice, this means that if a minor signs an agreement, they can later choose to disaffirm, or reject, the contract and be released from its obligations, often by returning any benefits or goods received. This clause serves to protect individuals who may not fully understand the consequences of their contractual commitments, ensuring that contracts are only enforceable against parties with the legal capacity to consent.
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Disaffirmance. The act of a minor to rescind a contract under the infancy doctrine. Disaffirmance may be done orally, in writing or by the minor’s conduct. Duty of Restitution: Where, upon disaffirmation, the competent party returns the consideration to the contract back to the minor. Duty of Restoration: Where, upon disaffirmance, the minor returns the goods or property back to the competent party. Ratification: The act of a minor after the minor has reached the age of majority by which he/she accepts a contract entered into when he or she was a minor. When a principal accepts an agent’s unauthorized contract. The acceptance by a corporation of an unauthorized act of a corporate office or agent. Emancipation: When a minor voluntarily leave home and lives apart form his or her parents. Necessaries of Life: A minor must pay the reasonable value of food, clothing, shelter, medical care, and other items considered necessary to the maintenance of life. Legal Insanity: A state of contractual capacity as determined by law. Adjudged Insane: A person who has been adjudged insane by a proper court or administrative agency. A contract entered into by such a person is void. Insane but not Adjudged Insane: A person who is insane but has not been adjudged insane by a court or administrative agency. A contract entered into by such person is generally voidable. Some states hold that such a contract is void.
Disaffirmance. 30.22.1 CITY agrees that in the event of termination of this Agreement by reason of any default by CITY, or by reason of the disaffirmance hereof by a receiver, liquidator or trustee for OWNER or its property, CITY, if requested by any Mortgagee, shall enter into a new Development Agreement for the Project with the most senior Mortgagee requesting such new agreement, for the remainder of the Term, effective as of the date of such termination, upon the terms, provisions, covenants and agreements as herein contained to the extent and subject to the law then in effect, and subject to the rights, if any, of any parties then in possession of any part of the Property, provided:
30.22.2 The Mortgagee shall make written request upon CITY for the new Development Agreement for the Project within thirty (30) days after the date of termination;
30.22.3 The Mortgagee shall pay to CITY at the time of the execution and delivery of the new Development Agreement for the Project expenses, including reasonable attorneys' fees, to which CITY shall have been subjected by reason of OWNER’s default; and
30.22.4 The Mortgagee shall perform and observe all covenants herein contained on OWNER's part to be performed, and shall further remedy any other conditions which OWNER under the terminated agreement was obligated to perform under its terms, to the extent the same are curable or may be performed by the Mortgagee.
30.22.5 Nothing herein contained shall require any Mortgagee to enter into a new agreement pursuant to Section 30.22.1 above, nor to cure any default of OWNER referred to above.
Disaffirmance