BUS311_chapter_05

Example 57 john a minor works full time is married and

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Unformatted text preview: y his contract. (If both parties to the contract are minors, then either may void the contract at her option, but neither has any special rights of enforcement.) Likewise, a cosigner or guarantor of a contract entered into by a minor may not exercise the minor’s right to disaffirm the contract—only the minor may do so. rog80328_05_c05_089-110.indd 92 10/26/12 5:37 PM Section 5.2 Capacity CHAPTER 5 Emancipated Minors Sometimes a person who is still a minor may be treated legally as an adult. In some states, the minor may petition the court to have the power of disaffirmance legally removed. Example 5.6. Mary Lou wins the Olympic gold medal for all-around gymnastics. She is a hot commodity for endorsement contracts, but no one wants to do business with her because she’s a minor. Mary Lou petitions for and is granted emancipation. Now she can make binding contracts, so she signs to promote a soft drink for a fee of $1 million. In some states, if a minor is independent and self- supporting, the minor is considered to be emancipate...
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This test prep was uploaded on 04/09/2014 for the course BUS 311 taught by Professor Parker during the Spring '10 term at Ashford University.

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