First Principles of Business Law

6.4. Contracts involving minors continued...

Read the facts and the question and then choose the best answer.

A says: "I am 17 years old. My uncle owns a number of racehorses. Last week he told me that he was going to give me 'the opportunity of my lifetime' and allow me to buy a half-share in one of the horses he owns. After he explained it to me, I signed a contract with him in terms of which I immediately become the owner of a half-share in the horse and therefore entitled to half of the horse's winnings. But under the contract I have also promised that, after I turn 18, I will pay my Uncle the sum of $5,000 each year until the horse dies. I am worried that I may have got myself into something I can't handle. Can I change my mind and avoid this agreement?"

(a) Yes, as long as A does so before he turns 18.

(b) Yes, A can avoid the agreement even after he turns 18.