Examine the effects of a contract on a minor.

Examination should include the following points:

• Minors can enter into a contract, provided the other party is aware of the minor’s age.
• Minors are usually given the right by law to disaffirm contracts, provided it is not an item of necessity. 
• Parents and guardians have responsibilities when a minor enters into a contract.
• Minors must have legal capacity to enter into a contract.
• Minors, if legally emancipated, may be bound by a contract.