Under Current Law a Minor Generally Can Disaffirm Most Contracts

question 72

Essay

Under current law a minor generally can disaffirm most contracts without a need to show that he or she was taken advantage of or that the particular contract was unfair.Should the law allow disaffirmance only if the minor can show that there was some kind of unfairness in the specific transaction?

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Definitions:

Market Potential

The estimated maximum total sales revenue of all suppliers for a specific product in a market.

GDP

Gross Domestic Product, a measure of a country's economic performance, representing the total value of all goods and services produced over a specific time period.

GNI

Gross National Income, a measure of a country's income, including domestic production and foreign investments, used to estimate the economic health of a nation.

Tariff

A tax levied on a good imported into a country; also called a duty.