(Bsiness Law) Explain the limitations on a minor's right to disaffirm a contract.
(Bsiness Law)
Explain the limitations on a minor's right to disaffirm a contract.
Homework Answers
A minor refers to anyone under the age of 18. Minors have limited ability to enter into a contract.
Minors in contract cases have the right to disaffirm. This implies that the minor has the right to state either in a verbal declaration or by his actions that he does not intend to be bound by the terms of the contract. This may be done upon reaching the age of majority within a reasonable period of time.
The minor can disaffirm the contract only if he has not falsely stated his age or if the contract was engaged to obtain goods and services essential to his survival. The contract cannot be disaffirmed after a reasonable period of time or in many states if the minor has benefited from the contract in anyway. Also the minor is required to make efforts to restore the other party to the status that he was previous to the contract.
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