I just got back from a law class and found this really interesting. If I would have known this a few years ago… I would have cashed in on it!
If a 16 year old bought a car, drove it around for a year, and then wrecked it - he can go back to the person who sold him the car and in return for the wrecked car, the 16 year old can legally get all his money back. Since he is a minor, he can void his contract (regardless of the reason) at any time.
This works for a ton of things.
If a 17 year old girl goes into a department store and purchases a prom dress - after wearing it to the prom, the 17 year old can take it back to the store (regardless of the condition of the dress - it could be completely shredded) and get her money back.
If an adult purchases a bicycle for $200 from a 16 year old, and the 16 year old spends the money - the 16 year old can still void his contract and get the bicycle back. Since the 16 year old already spent the $200 - he can’t repay the $200. So the adult is just out of luck, out of a bicycle, and out $200.
A parent is only responsible for the reasonable value of necessities. So the parents wouldn’t be liable for these things.
Wow…the things that would have happened it they taught this in high school law classes!