Question
At 16 years old and wanting to start a fishing business, Andrea bought a boat. She agreed with her bank to pay the loan off
At 16 years old and wanting to start a fishing business, Andrea bought a boat. She agreed with her bank to pay the loan off over ten years. Andrea faithfully made the payments for 4 years and, at age 20 decided that she wanted to go to college and no longer wanted to be in the fishing business. She contacted the bank and advised that she will no longer pay the loan and that she wants out of the contract that she signed while she was a minor. Does Andrea have a legal remedy to get out of the contract? Specify why or why not and whether Andrea will likely have to pay the remainder of the loan and why.
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