Asked by Matthew Pereira on May 21, 2024
Verified
Minors can disaffirm contracts for necessaries, but they will still be held liable for the reasonable value of the necessary.
Disaffirm Contracts
The legal ability of one party, often a minor or someone not fully competent, to declare a contract void and release themselves from any contractual obligations.
Necessaries
Goods or services that are essential for maintaining a person's health, education, comfort, or welfare.
Reasonable Value
The fair or market value of a service or item, determined by considering what a willing buyer would pay and a willing seller would accept.
- Identify the prerequisites for contract ratification and its effects on the legality of contracts executed by minors, including the ramifications of disaffirmance.
Verified Answer
Learning Objectives
- Identify the prerequisites for contract ratification and its effects on the legality of contracts executed by minors, including the ramifications of disaffirmance.
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