question archive Bob is a minor and buys a BMW, from ABC BMW when he is 16 years old
Bob is a minor and buys a BMW, from ABC BMW when he is 16 years old
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Bob is a minor and buys a BMW, from ABC BMW when he is 16 years old. His parents do not cosign. He signs a financing arrangement where he will pay the car off over a 5- year period. On Bob’s 18th birthday, he finds out that he could have disaffirmed the contract when he was a minor. He wonders whether it is too late to disaffirm the contract. Is it too late for him to disaffirm the contract? Will it make any difference if Bob makes his first car payment, which is due in one week?
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Answer:
1] Is it too late for him to disaffirm the contract?
No, it is not too late, He can disaffirm the contract, within a reasonable time
2] Will it make any difference if Bob makes his first car payment, which is due in one week?
Yes, it will make a difference.
If he makes his first car payment, then it amounts to his affirming the contract and he cannot later disaffirm it.
