A Minor's Freedom from Liability Is Limited to Contract.Explain

question 45

Essay

A minor's freedom from liability is limited to contract.Explain.

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Definitions:

UCC

The Uniform Commercial Code (UCC) represents a detailed collection of statutes that regulate all commercial dealings within the United States.

After-Acquired Property

Property acquired by a debtor after the security arrangement is made.

Security Agreement

A legal document that secures an interest in collateral owned by the debtor for the benefit of a creditor in the event of default.

Debtor

An individual or entity that owes money to another party, often a lender or creditor.