Randy,as two older brothers before him,moved out of the house when he was quite young.When he was 17,he and his older brother,Ted,wanted to buy a condominium in Nelson.They both had jobs and the bank was willing to lend them money and take a mortgage on the condo.Which of the following is a correct statement about the law governing this situation?
A) These contracts would be binding on Randy only if he disclosed the fact that he was a minor to the other parties.
B) All contracts with infants are void.
C) The mortgage agreement would be binding on Randy as an adult if he continued to make payments after reaching the age of majority.
D) A mortgage granted by Randy to the bank is effective until a court orders otherwise.
E) All infants' contracts are enforceable as soon as they become adults.

Question

Quizplus · Accepted Answer

The law governing contracts with minors (persons under the age of majority) is that they are generally voidable. However, once a minor reaches the age of majority, they can either choose to affirm or disaffirm the contract. In this case, the mortgage agreement would be binding on Randy as an adult if he continued to make payments after reaching the age of majority. Therefore, option C is the correct answer. Options A, B, D, and E are incorrect because they do not accurately reflect the law regarding contracts with minors.

Randy,as Two Older Brothers Before Him,moved Out of the House