Holden Smith started racing go-karts competitively when he was thirteen. Many of the races required him to sign an exculpatory clause to participate, which he or his parents regularly signed. Right before he turned 15, Holden participated in the annual K1 Grand Prix. During the event in which he drove, a piece of foam padding used as a course barrier was torn from its base and ended up on the track. A portion of the padding struck Smith in the head, and another portion was thrown causing a multi-kart collision during which he sustained severe injuries. Smith and his parents filed an action against the race organizers for negligence. The race organizers argued that the exculpatory clause shield them from liability.

Did Smith have legal capacity to enter into a contract with an exculpatory clause? Discuss.