ACCT350 Chapter Notes - Chapter 12: Snowmaking, Harness Racing, Trade Secret
19 Sep 2017
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Minors: minor: a person who has not reached the age of majority, most states have enacted statutes that specify the age of majority, any age below the statutory age of majority is called the period of. Infancy doctrine: a doctrine that allows minors to disaffirm (cancel) most contracts they have entered into with adults. Minors should be protected from the unscrupulous behavior of adults. Contracts for the necessities of life are exempt from the scope of this doctrine. A minor has the option of choosing whether to enforce a contract (the contract is voidable by a minor) The adult party is bound to the minor"s decision: disaffirmance. A minor can expressly disaffirm a contract orally, in writing, or through his or her conduct. Disaffirm: the act of a minor to rescind a contract under the infancy doctrine: duties of restoration and restitution.
