A Contract Entered into by a Minor Is Voidable at the Option

question 5

True/False

A contract entered into by a minor is voidable at the option of either of the contracting parties.

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Definitions:

Promissory Note

A written promise to pay a specified sum of money to a certain individual or entity at a specified time or on demand.

Fictitious-Payee Rule

A principle in commercial law that a bank is not liable for fraudulent endorsement payments if the drawer intended the payee to be fictitious.

Refund

The process of returning funds to a purchaser in response to a product return, cancellation, or dissatisfaction with services provided.

Endorser

A person who signs their name on a document, often a check, to indicate their approval or to transfer ownership to another party.