What “capacity” mean in a legal sense

:1) What does “capacity” mean in a legal sense? How does capacity affect contracts involving minors? Discuss in detail. 2) Define the different types of mistakes that can affect the validity and enforceability of contracts and the difference between them. What is the result of a contract that is based on a mistake? Finally, describe the circumstances that will cause a court to refuse to rescind a contract based on the defense of a “mistake”? 3) Define exculpatory clauses and identify when they will not be enforceable. Additionally, describe the elements that must be met in order for an exculpatory clause to be deemed to be valid. . 4) Identify and describe the difference between fraudulent misrepresentation and nonfraudulent misrepresentation, between fraud in the execution and fraud in the inducement, and between negligent and innocent misrepresentation. Additionally, identify and describe the four different types of misrepresentation and list the elements that must be shown to prove them. 5) Todd owns a small independent service station chain. Mike and Todd reach an agreement for Mike to deliver gasoline to Todd’s stations at $1.85 per gallon over a period of one year. Halfway through the term of the contract, the price of gasoline had increased by more than a dollar per gallon. Although Mike still had gasoline available for sale, he told Todd the price per gallon would have to increase by $1.00 per gallon, or he would be unable to deliver. Todd initially agreed to pay the higher amount, but when billed, refused to pay more than the initially agreed upon price. Mike sues to enforce the agreement for the higher amount. Who will prevail and why? Identify and include each side’s best arguments. 6) Explain what the parol evidence rule is and describe its purpose. How does the rule work to clarify the intent of the contracting parties? To what kinds of contract issues does the rule NOT apply? Finally, what assistance does the Uniform