When discussing legal terms, the concept of infancy is one that arises for business professionals. Knowing the meaning of infancy and its application to legal contracts can be a powerful tool when negotiating or reviewing agreements. Put simply, infancy is the legal principle that those who are minors, meaning those who have not yet reached adulthood, are not held to the same level of responsibility as adults.
This is not to say that minors lack all agency—many states allow minors to enter into independent contracts and assume responsibility for their actions. However, because of the assumed vulnerability of minors compared to adults, laws generally provide a degree of protection to the former that is not extended to the latter. These protections can be quite extensive, and they ensure that adults will not take advantage of minors.
Examples of Infancy in Business
In business, infancy is most often seen in situations such as recruitment of minors for employment or contracts signed by minors. In such cases, the party signing a contract on behalf of a minor is required to have the consent of a legal guardian, unless the minor is emancipated. Additionally, minors require parental or guardian consent before they can enter into contracts or perform certain jobs.
Another example of infancy in business can be found in industries like software, video games, and the internet. Companies often have terms of service that require the user to be at least 18 years old to access certain products or services. This is an extension of the legal principle of infancy, as those under 18 are legally considered minors, and as such are not expected to assume the same level of responsibility as an adult.
The Law Behind Infancy in Business
The law surrounding infancy in business is known as the “infancy doctrine,” and is a common law principle that states that minors are not held to the same level of responsibility as adults because of their assumed vulnerability. This is done to prevent them from being taken advantage of, or signing contracts that they lack the capacity to understand. This law applies to virtually any contract a minor signs—even if it turns out to be fair or beneficial to the minor—as minors are assumed to lack the capacity to fully understand the ramifications of their actions.
Ultimately, infancy is an important concept for business professionals to understand. Knowing the legal principle of infancy and its application to business agreements can give those negotiating or reviewing contracts a critical edge in their dealings. With this knowledge, business professionals can negotiate more effectively, and protect the interests of both minor signatories and their companies.