Contract Law For Minors In Chicago
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In many cases, minors can't be held to the terms of a contract until they reach the age of majority. In other words, a minor has the right to opt out of a contract, even if the other party is an adult and is bound by the terms.
No. There is, however, an Illinois law known as the “Emancipation of Mature Minors Act.” Ordinarily minors cannot enter into legally binding contracts.
As an example, a contract with a minor is voidable at the discretion of the minor on grounds of his age. But it is still binding on the party on the other side should the minor so decide.
The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, elements of consideration can be satisfied by a valid substitute.
In most states, minors are not legally able to enter into contracts, and any contract they do enter into is considered voidable . However, parents can be held liable for contracts made by their minor children if they have given their consent or if the contract is for necessaries such as food, clothing, or shelter .
A minor can get into any contract, but the general law concerning a contract with a minor is that such contracts are voidable. The law is formulated to safeguard minors who cannot fully understand the consequences of a contract. This implies that minors can exit the contract at their will.
The law recognizes a minor as lacking the capacity to contract. Therefore, contracts with a minor are voidable. This, however, does not apply to the circumstances where minors are legally allowed to get into a contract and be fully obliged to the terms and conditions. Examples of such circumstances include necessities.
If a parent chooses to sign a contract for a minor, doing so will effectively mean the contract is the same as one signed by an adult. It will be legally binding and cannot be voided by the child or teenager.
