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A contract is an agreement between parties, creating mutual obligations that are enforceable by law. 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.

3.1 CAPACITY OF PARTIES As per Section 10, all agreements are contracts, if they are made by the parties competent to contract. The competency of parties is one of the essential elements of the valid contract. The capacity of parties to the contract means the legal ability of the parties to enter into a contract.

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.

Minors do not have the legal capacity to enter into a binding contract. However, an agreement made while a person was a minor may be expressly or impliedly ratified once they reach the age of legal majority so that the agreement becomes valid and binding. The age of legal majority is separate from legal age of license.

Contract duration is a term used to describe the period through which a contract is effective. This can also be understood as the period between the contract effective date and the contract end date - both of which are typically outlined within a contract and will be agreed to by both parties.

Further, a contract with a minor is voidable. That means they are able to cancel any contract at any time before reaching the age of 18 and for a reasonable period after that time.

Although 18 years is the legal contract age in most states, there are several exceptions?such as the case of emancipation. If the minor hasn't reached the legal contract age but is granted legal status by a court of law, he/she may enter into contracts.