Mike,a minor,buys some real estate as an investment.The contract obligates Mike to make monthly installment payments for 10 years.Mike reaches the age of majority one month after making the contract.After this,Mike makes 25 monthly payments under the contract,but then decides that he wants to rescind the deal.Which of the following is most true?
A)Mike can disaffirm.
B)Mike cannot disaffirm because contracts for the sale of land can only be disaffirmed before the age of majority.
C)Mike cannot disaffirm because contracts for the sale of land must be disaffirmed within one year of the age of majority.
D)Mike cannot disaffirm because he has already ratified the contract.

Question

Quizplus · Accepted Answer

If the adult has relied on the contract or has given something of value to the minor,the minor must disaffirm within a reasonable time after reaching majority.A former minor's continued performance of his part of the contract after reaching majority has been held to imply his intent to ratify the contract.

Mike,a Minor,buys Some Real Estate as an Investment