Week 6 - Minors Flashcards
1
Q
What is the Act called that provides protection to those entering into contracts with minors?
A
Minors’ Contracts Act 1987
2
Q
What is the first rule of the Act?
A
When reaching the age of 18, debts that were creating during their minority will have ratification - will be binding
3
Q
What is the second rule of the Act?
A
Where a third party acted as a guarantor for the minor in contracts that were unenforceable against the minor, they are still enforceable against the adult
4
Q
What is the third rule of the Act?
A
Remedy of restitution - requires the minor to return any property acquired under the contract, in an unenforceable contract situation
