Jessica at the Age of 15 Entered into a Contract

question 43

True/False

Jessica at the age of 15 entered into a contract to sell five acres of land to her uncle. She may disaffirm this contract at any time before reaching her majority.

---

Definitions:

Foreclosure

A legal process by which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments, often resulting in the forced sale of the asset used as collateral.

Default Notice Clause

A provision in a contract that specifies the conditions under which a party is considered in default and the notice that must be given to them.

Foreclosure Action

A legal process by which a lender seeks to recover the balance of a loan from a borrower who has stopped making payments.

Right of Action

The legal right to sue or pursue litigation in order to enforce or defend a right or claim.