Asked by Michael Kumlien on May 07, 2024
Verified
At 17 years old,Otto signed a contract to purchase a new Hummer by advancing a payment of $50,000.However,when Otto turned 20,he wished to disaffirm this contract.Does the law permit this?
A) Yes,because he was a minor when he signed the contract.
B) Yes,because he is not yet 21 years of age.
C) No,because a car is a "necessary."
D) No,because Otto implied his ratification.
Disaffirm
To reject, refuse to accept, or declare a contract void, often used in the context of minors’ capacity to enter into contracts.
Necessary
Essential or required for a particular purpose, without which the objective cannot be achieved.
Ratification
The action of signing or giving formal consent to a treaty, contract, or agreement, making it officially valid.
- Determine the legal implications of ratification and how it affects agreements signed by minors.
Verified Answer
Learning Objectives
- Determine the legal implications of ratification and how it affects agreements signed by minors.
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