Question

In: Operations Management

Why are minors allowed to avoid contractual obligations by canceling or disaffirming contracts? Are there contracts...

  • Why are minors allowed to avoid contractual obligations by canceling or disaffirming contracts?
  • Are there contracts that minors should be unable to avoid?
  • Discuss what type of contracts it would be fair or unfair for minors to avoid.

Solutions

Expert Solution

PLEASE LIKE THIS ANSWER, IT HELPS ME A LOT. THANK YOU!!!

YOUR ONE LIKE CAN REALLY HELP ME.THANKS!

Why are minors allowed to avoid contractual obligations by canceling or disaffirming contracts?

A minor is a person who is under age or in other words child who does not have a specific skill and knowledge. Legally many such activities and rights are not given to the minor person which are generally allowed to the adult person.

Now let us understand why minor are allowed to avoid contractual obligations by canceling or disaffirming contract

  • The first and very obvious reasons is that a minor can only enter into a contract until unless he or she has an adult person to represent on his or her behalf until he is adult himself and after that he can simply end or cancel the contract as he or she can explain the reason of undereducated while entering the contract and he was manipulated at the time of signing and entering the contract.
  • Minors are not professionally qualified and are not intellectually able to comprehend any contract agreement they enter into.
  • It allows minor individuals to be free from abuse and to use the wrong way against the minor to support themselves and to harm the financial and business status of the underage person.

Are there contracts that minors should be unable to avoid?

I think minors should be allowed the right to refuse a contract because they do not have the intellectual and physical age to agree to change and make the same decision. In my view, a reasonable time should be available for them to postpone the contract and this will allow all parties to protect a certain feature or, if the contract is postponed aftet in the longest possible duration, would become unreasonable for the other party.

Discuss what type of contracts it would be fair or unfair for minors to avoid.

When a minor enters a contract for safety , convenience or education, contracts which provide a minor with such objects can not be cancelled by a court, since they have no power. There are other riles of law that have to be performed if a minor contract is invalid.

Minors are not allowed to enter into contracts legally (capacity). If a person is in touch with a minor carelessly, he / she will in most cases breach the contract without any fear of a lawsuit. The other party can't escape responsibility for the violation when the minor turns 18, but isn't minor (be careful: the average is nineteen in a few countries). The situation changes when the minor reaches 18. The contract is accepted and legal if the child opts to remain in the contract after becoming an adult if it is still in place.


Related Solutions

1. What are the components of contractual obligations & commitments of a company? Why are they...
1. What are the components of contractual obligations & commitments of a company? Why are they useful? Why do you think they are provided in detail? 2. What is the nature of leasing? In what way it can be viewed as a financing decision or a debt?
Contracts or agreements can sometimes create financial contingencies for companies. Discuss what types of contractual obligations...
Contracts or agreements can sometimes create financial contingencies for companies. Discuss what types of contractual obligations must be disclosed in great detail in the notes to the balance sheet and why you think these details should be disclosed.
____ provide(s) protection against the failure of a contractor to fulfill contractual obligations. Fidelity bonds Key...
____ provide(s) protection against the failure of a contractor to fulfill contractual obligations. Fidelity bonds Key person insurance Surety bonds Business insurance
Consider the following contractual relationship. Person A, voluntarily contracts with Person B and agrees to exert...
Consider the following contractual relationship. Person A, voluntarily contracts with Person B and agrees to exert a specified level of effort on behalf of Person B. Person B agrees to compensate Person A for their effort at a rate agreed to by both parties. Furthermore, Person A agrees that: • If he/she does not exert the agreed upon level of effort, Person B has the right to take assets from Person A; • Person B has the right to unilaterally...
Relocating a company’s operations to avoid fulfilling bargaining obligations is known as a(n) ____________ strategy. Describe...
Relocating a company’s operations to avoid fulfilling bargaining obligations is known as a(n) ____________ strategy. Describe the four types of flexibility that are emphasized by businesses today. What are the employee concerns associated with each type of flexibility? Detailed systems of narrow job classifications are a barrier to _______________________ flexibility. NAFTA includes a side agreement known as _______________________________ that seeks to protect workers by promoting union representation, nondiscrimination, equal pay, minimum wages, and workplace safety.
1- Why are minors held liable on a quasi contract basis for the reasonable value of...
1- Why are minors held liable on a quasi contract basis for the reasonable value of necessaries furnished to them? 2- Explain the test for mental incapacity in contract law. 3- Discuss the need for "real consent" as it relates to the creation and enforcement of a contract. 4- Discuss whether silence can constitute fraud. 5- Distinguish between illegal wagering contracts and legal risk-shifting and speculative bargaining agreements. 6- What is an exculpatory clause?
Provide an example of a non-contractual promise that is "unenforceable," and explain "why" it is unenforceable...
Provide an example of a non-contractual promise that is "unenforceable," and explain "why" it is unenforceable (not from the textbook make a fictional case).
What are some reasons why a borrower defaults on their loan obligations?
What are some reasons why a borrower defaults on their loan obligations?
what are the required disclosures for lease obligations, and why are they important to the financial...
what are the required disclosures for lease obligations, and why are they important to the financial statements? Imagine you are a company that is required to prepare financial statements. You have a lease. Prepare a partial financial statement for the lease transactions ?
Options contracts are an alternative to futures and forwards contracts to hedge FX risk. Why would...
Options contracts are an alternative to futures and forwards contracts to hedge FX risk. Why would investors prefer to use options rather than futures or forwards? Under which future outcomes do options provide an advantage relative to forwards or futures contracts? Why might managers choose not to enter into options contracts?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT