Assignment Background:
Managers are frequently on the front lines when ambiguous preliminary agreements are involved and therefore must have a relatively sophisticated knowledge of what constitutes a contract and what rules govern contracts. Your company would like to engage a web design and maintenance firm.
You decide to engage Total Web Solutions (TWS) to be your web designer. TWS was formed by a child genius named Bill Waites. Waites does all the work himself as a sole proprietor. He started the company when he was 14 years old. He is now 16 years old. You enter into two separate contracts with Waites. The first contract is an agreement to pay him $2,500 for a web design, which will be done in one month. The second contract is an agreement to pay him $500 per month for the next two years for web maintenance.
Which of the following is correct about the contract for the web design?
- The contract is voidable only at your option.
- The contract is voidable at either your or Waite's option.
- The contract is voidable only at Waites's option.
- The contract is disaffirmed.
- The contract is void.