Explain the Legal Position of an Infant Who Enters into a Contract

question 157

Essay

Explain the legal position of an infant who enters into a contract with an adult.

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Definitions:

Defined-benefit Plan

A type of pension plan in which an employer promises a specified pension payment in retirement that is predetermined by a formula based on the employee's earnings history, tenure of service, and age.

Defined-contribution Plan

Defined-contribution Plan is a retirement savings plan where the amount contributed by the employer or employee is specified, but the future benefit amount is not guaranteed.

Contributory Plan

A pension plan in which contributions are made jointly by employees and employers

Registered Retirement Savings Plan

A retirement savings and investing tool for employees and the self-employed in Canada, offering tax benefits.