On Attaining the Age of Majority a minus Agreement
As an adult, it is important to understand the legal aspects of entering into contracts. One such contract is a „minus agreement,“ also known as a contract of disadvantage.
This type of agreement is typically entered into when a minor reaches the age of majority, which is 18 in most states. The purpose of a minus agreement is to release the minor from any obligations or liabilities incurred prior to reaching the age of majority.
However, it is important to note that not all agreements can be released through a minus agreement. For example, agreements for the purchase of necessities such as food, clothing, and shelter cannot be released through a minus agreement.
Additionally, the release from obligations and liabilities only applies to the minor. If there are any co-signers on the agreement, they will still remain liable for any obligations incurred.
It is crucial to seek legal advice before entering into a minus agreement to ensure that it is the appropriate course of action. Consulting with an attorney can help ensure that the agreement is legally binding and provides the necessary protection.
In conclusion, a minus agreement is a legal contract of disadvantage that can release a minor from any obligations or liabilities incurred prior to reaching the age of majority. However, it is important to seek legal advice before entering into such an agreement to ensure its validity and effectiveness.