Minor is a person who has not attained 18 years of age. According to majority act, where a guardian of minor’s person or property is appointed or court of wards take charge of minor’s property, a minor will attain the age of majority after 21 years. A contract with minor is void, A minor is not libel to perform any act which he has promised because he does not possess the capacity to judge what received by him under the agreement. An agreement with a minor does not create legal and right and duties in contract law. Ratification means act of confirming or approving in commercial law agreement made by a minor cannot be confirmed by him on attaining the age of majority because an agreement which is void from the beginning cannot be made valid by subsequent confirmation in contract law. The rule of estoppels does not apply to a minor. It means that minor is not stopped from pleading his infancy in order to avoid a contract law. Even if he has entered into an agreement by falsely representing that he was of full age. In other words, where a minor represents fraudulently that he is of full age and induces another to enter into a contract with him; he is not bound by the court in commercial law of business. A minor cannot be compelled to repay the money received by him under an agreement, if anything is recoverable from minor out of the proceeds of the contract made by fraudulently showing that he was of full age.
Business law is also called as commercial law and it includes all the transactions required for a business. Law of partnership is a type of commercial law. It is defined as an association of two or more persons who contribute their money, time and property and work as the co owners and carry the business to maximize their profits.
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