For his 17th birthday, Asher bought himself a used car from a car dealer for $10,000. The dealer purchased it for $6,000, repaired it, and then sold it to Asher. Eighteen months later, Asher has almost finished paying off the car when he totals it by accidentally driving it into his neighbor's swimming pool. Asher's mother is a lawyer and tells him to rescind the contract. Will Asher be able to recover any money from the dealer?

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Business

Efrain

6 June, 19:53

For his 17th birthday, Asher bought himself a used car from a car dealer for $10,000. The dealer purchased it for $6,000, repaired it, and then sold it to Asher. Eighteen months later, Asher has almost finished paying off the car when he totals it by accidentally driving it into his neighbor's swimming pool. Asher's mother is a lawyer and tells him to rescind the contract. Will Asher be able to recover any money from the dealer?

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Rolando · Answer 1

No, he will not be able to recover any money.

Explanation:

This contract was voidable because when Asher purchased the car he was a minor, and minors cannot sign contracts. Voidable contracts are valid until voided, and they are voidable until they are ratified. Once a voidable contract is ratified, it isn't voidable anymore, it becomes a good contract.

Asher's problem is that he continued to pay for the car after he turned 18, and that is considered a ratification of the contract.