Question

Bob is a minor and buys a BMW, from ABC BMW when he is 16 years old. His parents do not cosign. He signs a financing arrangement where he will pay the car off over a 5- year period. On Bob's 18th birthday, he finds out that he could have disaffirmed the contract when he was a minor. He wonders whether it is too late to

Answer 1

Answer:

It is too late for him to dis-affirmed the contract.

Explanation:

Contract is the legal binding agreement document between two parties for them to obey any given conditions specified in the document. In the case of Bob, despite the fact that he was a minor, his signature on the BMW contract shows that it is binding between ABC Motors and him.

The motor company might not be aware of his legal age which shows he is a minor before entering the agreement with him. It is expected that, he should honor his contract to the latter.