A Contract Entered Into by a Minor is Voidable at the Option of Either Party
As a professional, it`s important to understand the legal intricacies of contracts. One such intricacy is the fact that a contract entered into by a minor is voidable at the option of either party. But what exactly does that mean, and how does it impact contracts involving minors?
First, let`s define what we mean by a “minor.” In legal terms, a minor is someone who is not yet considered an adult. The age at which someone is considered an adult varies by country and jurisdiction, but in the United States, for example, a person is typically considered an adult at age 18.
Now, let`s move on to what it means for a contract to be “voidable.” Essentially, if a contract is voidable, it means that one or both parties have the option to either enforce the contract or reject it. So in the case of a contract entered into by a minor, either the minor or the other party in the contract can choose to void the agreement.
This brings us to an important point: the option to void a contract entered into by a minor lies with either party. In other words, just because a minor enters into a contract doesn`t mean that the other party automatically has the right to void it. The minor themselves also has that option.
So why is this the case? Essentially, the law recognizes that minors may not fully understand the implications of the contracts they enter into. For example, a 16-year-old may sign a contract to purchase a car, but they may not fully understand the financial responsibilities and obligations that come with car ownership. By allowing either party to void the contract, the law is attempting to protect minors from being taken advantage of in these situations.
It`s worth noting, however, that not all contracts are voidable when entered into by a minor. Certain types of contracts, such as those involving necessities like food and shelter, may be enforceable even if signed by a minor. Additionally, if a minor misrepresents their age and enters into a contract, that contract may be enforceable.
So what does all of this mean for businesses and individuals who may enter into contracts with minors? For one, it`s important to be aware of the legal implications and potential risks involved in such agreements. Additionally, if you do enter into a contract with a minor, it may be wise to include language that specifically addresses the issue of voidability.
In conclusion, the fact that a contract entered into by a minor is voidable at the option of either party is an important legal consideration. It`s a protection for minors who may not fully understand the implications of the contracts they enter into, but it also means that businesses and individuals need to be aware of the potential risks involved. As a professional, it`s important to understand the legal nuances involved in contracts and to be able to communicate those nuances clearly and effectively to readers.