A minor may ratify a voidable contract only after attaining ...

[Davideckstein7]

A minor may ratify a voidable contract only after attaining majority. Explain.

Question 2

An oral agreement to supply a line of credit for two (2 ) years cannot be enforced because of the statute of frauds.
  Indicate whether the statement is true or false

[jennafosdick]

Answer to Question 1

Ratification means indicating one's willingness to be bound by promises made during minority. It refers to a new promise and may be oral, written, or merely implied by conduct. However, some states require it to be in writing. A minor may ratify a voidable contract only after attaining majority. After majority is reached, silence ratifies an executed contract. A minor cannot ratify part of a contract and disaffirm another part; all or none of it must be ratified. Ratification must be made within a reasonable time after reaching majority. A reasonable time is a question of fact to be determined in light of all surrounding circumstances.

Answer to Question 2

TRUE

[Davideckstein7]

YES! Correct, THANKS for helping me on my review

[coreycathey]

Thanks for the timely response, appreciate it