Jack, a 17 year old, drops in at a Great Buy store to purchase an Xbox on an installment payment plan.A week later, Jack, after playing games on a new Nintendo, wants to return his Xbox to Great Buy and cancel the contract.What is the legal status of Jack's agreement with Great Buy?

Question 6 options:

Since Jack is a minor and the Xbox is not a necessary of life, Jack may cancel the agreement, but Great Buy cannot

Since the agreement provides a benefit to Jack, it is a valid contract which Great Buy can enforce against Jack's parents since he is a minor

Since Jack is a minor and the Xbox is not a necessary of life, either Jack or Great Buy may void the agreement

Since Jack is over 16 years of age neither he nor Great Buy can cancel the contract and heis legally bound by the agreement