What Are the Ways in Which a Minor May Ratify

question 37

Essay

What are the ways in which a minor may ratify a contract? What are the ways in which a minor may disaffirm a contract? What is the effect of a minor misrepresenting age in order to enter into a contract?

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Definitions:

Equivalent Value

The worth of an item, service, or amount in terms of another, often used in comparisons or exchanges.

Compounded Semi-annually

The process where interest is added to the principal sum of an investment or loan twice a year, resulting in interest earning interest.

Third Payment

This refers to the third installment of a series of payments toward a financial obligation.

Loan

Borrowed capital which is due to be paid back with interest.