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What happens when your under the age of 18 and you enter a credit contract?
Wiki User
∙ 9y ago
In most countries it is illegal for someone under 18 to obtain credit or sign a legal contract. The contract would therefore be illegal and unenforceable.
Wiki User
∙ 9y ago
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If you are not 18 yet and want to get a credit card could you get a guardian to cosign?
No, this is not possible. Legally, you have to enter a binding contract with a credit company, and even with a cosigner, no one under the age of 18 can legally enter into a contract. If you are emancipated, then you are considered a legal adult, and then that would be a different story. Other than that, this is not possible. -Jesse
What is a credit risk when entering into a derivative contract?
Credit Risk. Credit risk or default risk evolves from the possibility that one of the parties to a derivative contract will not satisfy its financial obligations under the derivative contract.
Can a person under age of 18 enter into a legal contract?
It depends upon where you live. but generally no, a person under 18 cannot enter into a legally binding contract without their parent or guardian's approval.
Under what circumstances is a contract deemed based on a fraudulent misrepresentation?
if the maker intended for the misrepresentation to induce the other party to enter the contract and if the misrepresentation would likely induce a reasonable person to so enter the contract
Can you get a credit card at 16 in Florida?
Under 18 you can't enter into a contract. Your parents can authorize a card for you if they are the primary account head. You probably could sign up on your own for one of those pre-paid credit cards that only has money on it if you deposit it first.
Do you have to be 18 to sign a contract?
No. Anyone can sign a contract. If you are under 18, there are certain cases where you cannot be compelled to perform your obligations under the contract. Because of this, most businesses and savvy individuals will not enter into a contract with a minor, because they will not be able to enforce the contract if the minor breaches.
Can a 17 year old sign a legal contract in the UK RE. consumer credit act?
In the UK anyone under the age of 18 is legally defined as a child and therefore cannot enter into any legal contract by themselves; an adult must be involved in the process as a trustee or guarantor.
Can a voluntary repo on a minor be reported on his credit report?
This is a somewhat confusing question. A minor, someone under 18, (in some cases 21) cannot legally enter into a contract. Likewise a minor would not have a credit report/history. The person who purchased the vehicle is the responsible party and the one whose credit would be jeopardized.
What happened to the lungs if it contract?
Your lung is totally elastic organ. If air enters the pleura, lung will contract. It will be useless for respiration in such case. You have to put under water seal to take out the air from the pleura. If air happens to enter in both of the pleura, you will die in 5 minutes.
How can a person that is under 18 rent housing ?
An individual that is under the age of 18 can not rent housing legally. To rent a house a contract or lease may be signed and no one under 18 can legally enter into a contract.
Responsibilities after contract ends for co-signers?
It depends on the language of the agreement ultimately, but generally the obligations under the contract end with the contract. If the payee on the contract reports to the credit bureaus during the course of the contract, the reporting for the co-signer would be the same as the primary on the contract regardless of who paid the contract.
Not all person have the capacity to enter into a contract discuss the statement?
In order for a person to enter into a legal, binding contract, they must be of legal age, be of sound mind, and not be under the influence of any substance (drugs, alcohol, etc.), and must not have been coerced, or under undue pressure to do so.
