Business Law Principles and Practices

In virtually all states a person reaches the age of majority at eighteen for the purpose of making a contract.

Contracts made by minors are void.

An adult has the legal right to ask a parent, guardian, or other adult to co-sign a contract made with a minor.

A minor may not disaffirm an executed contract.

In most states (majority rule) a minor may disaffirm a contract even though the consideration received cannot be returned.

A minor may ratify an agreement while still a minor.

A minor may disaffirm or ratify a portion of an agreement.

Legally declared (by a court) insane persons can be liable for necessaries in quasi-contract.

Courts usually rule in favor of individuals who claimed to be intoxicated at the time of entering into a contract.

Ratification of a contract by a minor cannot be implied.

Emancipated minors are generally liable for necessaries.

Minors are liable in a quasi contract for the reasonable value of any necessaries furnished to them.

A person only slightly intoxicated is not considered to be an incompetent party.

Minors are generally liable for their torts.

A mentally ill person (not judged incompetent by a court) can be held liable for necessaries in a quasi contract.

A contract between an adult and a minor is

A minor may disaffirm a contract

After a minor reaches the legal age of majority, he or she may disaffirm an executed contract for a luxury made while a minor only if he or she

The best precaution for a store owner who is about to sell a laptop computer to a minor is to

Craven, a minor, sold her exercise bicycle to Franklin, an adult, who resold it to Lavin, a good faith purchaser. Lavin's title to the bicycle is