Answered: Describe the liability of a minor who…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Describe the liability of a minor who (1) disaffirms a contract or (2) misrepresents his age.

Expert Solution

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A minor is one who has not achieved the age of 18, and for every agreement or contract, the greater part is a condition point of reference. By taking a gander at the Indian law, the minor's arrangement is a void one, which means consequently that it has no incentive in the eye of the law, and it is invalid and void as it can't be implemented by one or the other party to the agreement. Furthermore, even after he achieves the lion's share, a similar arrangement couldn't be sanctioned by him.

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