The Children's Act, which came into effect last month, effectively considers 18-year-olds to be sufficiently mature to enter into a legally binding contract.
The Children's Act, which came into effect last month, effectively considers 18-year-olds to be sufficiently mature to enter into a legally binding contract.
Unlike in the past, when an 18-year-old was regarded as a minor with limited legal capacity, this act effectively means an 18-year-old can enter into any contract without parental assistance and will be bound by it.
However, the act has major implications when it comes to money, according to Ronel Williams, fiduciary specialist at BoE Trust Limited.
"In the past, 18-year-olds could not conclude legally binding agreements including that of purchasing or selling property or applying for a mortgage bond without the assistance of their legal guardians or parents. Now they can." - Isaac Moledi