Asked by Dianna Juanes on Jul 27, 2024
Verified
Mike,a minor,buys some real estate as an investment.The contract obligates Mike to make monthly installment payments for 10 years.Mike reaches the age of majority one month after making the contract.After this,Mike makes 25 monthly payments under the contract,but then decides that he wants to rescind the deal.Which of the following is most true?
A) Mike can disaffirm.
B) Mike cannot disaffirm because contracts for the sale of land can only be disaffirmed before the age of majority.
C) Mike cannot disaffirm because contracts for the sale of land must be disaffirmed within one year of the age of majority.
D) Mike cannot disaffirm because he has already ratified the contract.
Real Estate
Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water.
Monthly Installment
A periodic payment made towards the repayment of a loan or debt over a fixed period.
- Identify the principles of ratification and rejection of agreements by individuals under the age of majority.
- Understand the consequences of failing to renounce a contract shortly after attaining the age of majority.
Verified Answer
ZK
Zybrea KnightAug 02, 2024
Final Answer :
D
Explanation :
If the adult has relied on the contract or has given something of value to the minor,the minor must disaffirm within a reasonable time after reaching majority.A former minor's continued performance of his part of the contract after reaching majority has been held to imply his intent to ratify the contract.
Learning Objectives
- Identify the principles of ratification and rejection of agreements by individuals under the age of majority.
- Understand the consequences of failing to renounce a contract shortly after attaining the age of majority.