Minor Signed An IOU

[Darrenkyf2292]

Hi, My son recently signed an IOU with his friend, it was for $1000. He has paid off $900, however I was wondering whether it is possible to get the $900 back due to the fact that my son is a minor and the contract was signed without my consent.
I'm in california fyi.

 

[quincy]

Hi, My son recently signed an IOU with his friend, it was for $1000. He has paid off $900, however I was wondering whether it is possible to get the $900 back due to the fact that my son is a minor and the contract was signed without my consent.
I'm in california fyi.

Clarify, please. Did your son borrow $1000 from his friend or did his friend borrow $1000 from your son?

The money that was loaned needs to be paid back in full to the one who loaned the money.

 

[Darrenkyf2292]

Clarify, please. Did your son borrow $1000 from his friend or did his friend borrow $1000 from your son?

The money that was loaned needs to be paid back in full to the one who loaned the money.

My son borrowed $1000 from his friend

 

[quincy]

My son borrowed $1000 from his friend

Thanks for clarifying.

Your son needs to pay back to his friend the full $1000 he borrowed.

 

[Darrenkyf2292]

Thanks for clarifying.

Your son needs to pay back to his friend the full $1000 he borrowed.

But if he is a minor, the IOU is not legally binding am I right?

 

[Zigner]

But if he is a minor, the IOU is not legally binding am I right?

Sure, but the way to "undo" the deal would be for him to return all the money.

I cannot believe that you are even on here asking this question. Be a freakin' parent! Kiddo borrowed money, kiddo needs to pay it back!

 

[quincy]

But if he is a minor, the IOU is not legally binding am I right?

A contract entered into by a minor is voidable (with some notable exceptions).

A minor can in most circumstances back out of a contractual agreement without legal penalty.

Backing out of an agreement, however, means the ENTIRE contract is disaffirmed, not just the parts of the contract the minor doesn't like.

Your son cannot borrow $1000 with an agreement to pay it back and void only the "paying back" part of the agreement. He owes his friend the full $1000.

 

[justalayman]

Hi, My son recently signed an IOU with his friend, it was for $1000. He has paid off $900, however I was wondering whether it is possible to get the $900 back due to the fact that my son is a minor and the contract was signed without my consent.
I'm in california fyi.

And even if he could escape the contract itself there is no way he could require the friend to give him back the $900 already repaid. What are you even thinking to suggest the friend would have to actually give $900 of his money to your son?


And I'll put money on the op being the kid. No parent with half a brain would ask such a ridiculous question. It goes beyond all common sense to even suggest the action in question could be enforced.

 

[quincy]

And even if he could escape the contract itself there is no way he could require the friend to give him back the $900 already repaid. What are you even thinking to suggest the friend would have to actually give $900 of his money to your son?

Haha. It would be great to be a kid with laws that operated like that, huh?!