Ohio Surety Bail Agent Practice Exam

Which of the following individuals would be considered a restricted party in a contract?

1. Individuals with a high income

2. Minors

3. Individuals over the age of 65

4. Individuals with prior legal experience

The correct answer is: Minors

In contract law, certain individuals are deemed to have limited capacity to enter into contracts, which makes them restricted parties. Minors fall into this category, as they are generally not considered to have the legal capacity to enter into binding contracts. This means contracts with minors can often be voided at their discretion, and thus they are regarded as restricted parties. On the other hand, individuals with a high income, those over the age of 65, or individuals with prior legal experience do not automatically qualify as restricted parties under the law. High income does not affect contractual capacity, age alone does not inherently impose restrictions unless it relates to being a minor, and prior legal experience generally indicates a better understanding of contractual obligations rather than a restriction. Therefore, minors are uniquely recognized as restricted parties in contract law, validating the choice.