Bobby Floars Toyota, Inc. v. Smith

Bobby Floars Toyota, Inc. v. Smith, 48 N.C. App 580, 269 S.E.2d 320, Web 1980 N.C. App. Lexis 3263 (court of appeals of North Carolina)

Charles Edwards Smith, a minor, purchased an automobile from Bobby Floars Toyota. Smith executed a security agreement to finance part of the balance due on the purchase price, agreeing to pay off the balance in 30 monthly installments. Smith turned 18, which was the age of majority in his state. Smith made 10 monthly payments after turning 18. He then decided to disaffirm the contract and stopped making the payments. Smith claims that he may disaffirm the contract entered into when he was a minor. Toyota argues that smith has ratified the contract since attaining the age of majority.

Question: Who is correct?

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