Consequences Of Agreement With Minor

A minor can terminate a contract (it is called „disaffirming“ or „cancellation“ of the contract). Of course, he has to return the money or face a criminal complaint. A minor is not able to become a shareholder of a company and is not able to enter into a legally binding contract, unless it is created. the shares of a limited liability company are offered to them by an adult. But even in this case, no personal liability can be incurred at the minor age. By reaching the majority, he will have the opportunity to put his shares back. (8) No insolvency: due to the minor`s inability to beg for debts and taxes on the minor`s personal property, he is not held personally liable, which does not render him insolvent 3) No violation of the law against a person under 18 years of age: a minor who induces another person to enter into a contract with that person by wrongly presenting himself as a major; may challenge his age as a defence. 4) No ratification of a contractual agreement: the minor`s agreement is void, an agreement he concluded during his minority cannot be ratified after becoming a major. A minor may not reser a part of a contract and consent to another part of a contract; the treaty is considered as a whole. In another example, you sell a car to a miner with a private payment contract. If the minor suspends payments, you cannot bring him or her to justice for an offence. The court will say that the person did not have the authority to approve the contract. Contract law excludes a minor from becoming a shareholder because he is not able to conclude the contract.

However, if a minor has become a shareholder by mistake, the company or company has the right to reverse the agreed transaction. He (minor) may, however, become a shareholder in the name of his guardian. In addition, minors cannot actually acquire shares in the company, it is necessary that these shares be offered or transferred to him, for which he is not personally responsible. It is the right of the guardian to protect and protect the shares of minors. A minor may be hired as an apprentice only if his tutor has concluded a contract with the employer on his behalf.[18] . .