BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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is bound for life.
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ends the agreement with no further obligation.
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must inform the adult orally.
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must return any consideration received from the adult.
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Detailed explanation-1: -A minor or any other person who has not yet reached the legal age of majority is generally not legally required to carry out the terms of a contract. In most cases, a minor only needs to give the intention that they intend to disaffirm a contract. The other party, however, remains bound by the contract.
Detailed explanation-2: -Any person who is not of the age of majority is a minor. In India, 18 years is the age of majority. Below the age of 18 years does not have the capacity to enter into a contract. A contract or agreement with a minor is null from the beginning, and no one can sue them.
Detailed explanation-3: -a minor can disaffirm a contract for necessaries but must pay the reasonable value. minor is not liable if parents are provided with necessaries. a gaurdian can be appointed to either radify or disaffirm exisiting contracts, once he is appointed if the incompetant tries to enter into new contracts, they are void.
Detailed explanation-4: -In most states, if a contract is disaffirmed due to intoxication, both parties must be returned to the status quo. The level of intoxication allowing a party to disaffirm a contract is the same as that considered too intoxicated to legally operate a motor vehicle.