Steven is seventeen, is 6'2 and 230 pounds with a short goatee, and he looks to be
Question:
Steven is seventeen, is 6'2" and 230 pounds with a short goatee, and he looks to be in his mid-20s. He has been married to his high school sweetheart Tabitha for six months; they have a newborn daughter named Abby. Steven has just dropped out of high school to take a good job in the oil fields, which allows him to support his new family. He plans to get his GED in his spare time. For his job, however, he needs a reliable car to get to and from the oilfields, where there is no public transportation. His old Chevy Impala has not been suitable. Steven goes to Car Dealer, and signs a contract to purchase a new red Ford Mustang for $22,000. In entering the transaction he shows Dealer a fake driver's license which shows him as being 20 years old. Through Dealer, he secures a loan to pay for the car, which gives him monthly payments of $423. A few days after he turns 18, Steven decides he no longer likes the Mustang. Dust, grit, and particulate matter in the oilfields have already begun to scratch up the paint, there are significant scratches on the bumpers, and he now thinks he would prefer a pickup truck. He wants to disaffirm the contract and get his money back. He returns the car to Dealer. The age of majority in the state is 18. What are Steven's arguments that he should be able to get out of the contract and get his money back? What are the dealer's arguments that he should be required to keep the car and make the payments he promised to make?
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young