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We just opened a checking account for our 17 y/o daughter. To be specific, the account must be opened in the minors name with a legal parent or guardian as a c
by jmj42 14y ago
We just opened a checking account for our 17 y/o daughter.
To be specific, the account must be opened in the minors name with a legal parent or guardian as a co-signatory.
Either way, you're right. Minors can not, in the United States, enter into a legally binding contract. They can't even legally purchase a car as there is an implied or express purchase contract.
- gamblor956 14y agoMinors can enter into a legally binding contract in the U.S. However, the seller in a purchase contract cannot enforce a contract against the minor if the minor does not pay (though the minor can enforce the contract against the seller if the minor pays but does not receive the purchased item, i.e., the car). The purpose of making the parent a co-signatory to the contract is to enforce the contract against the parent if necessary.
- jmj42 14y agoCorrect. Technically, the contract is voidable by the minor in most cases. There's exceptions, and state rules come into play. For instance, I believe, in CA if a minor misrepresents his/her age, then the contract can not be avoided. In IL, I believe, that's not the case, the contract can still be avoided.
- superuser2 14y agoYep. A Wisconsin auto title has a "parent signature" line - your parents must give you permission to hold the title for a car you purchase with your own money.