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:

Accord and Satisfaction

A legal settlement where an agreement is made to satisfy a debt or claim, followed by the actual performance of this agreement, which discharges the original claim.

Accord and Satisfaction

A legal agreement where a dispute is settled by the parties involved, wherein one agrees to accept less than what's owed and the other agrees to forgive the remainder.

Past Consideration

In contract law, the concept that an act or benefit provided before and independently of a promise does not constitute valid consideration for the promise.

Accord and Satisfaction

A legal contract wherein a dispute is settled by the parties involved agreeing to provide and accept something different than originally owed.