Age of Majority

Adult
An adult is a person who has attained the age of majority, legally recognized as being responsible for their actions and capable of engaging in contracts and other legal responsibilities.
Legal Age
The age at which a person can enter into binding contracts or agree to other legal acts without the consent of another adult. In most states, the legal age, also called the age of majority, is 18 years.
Minor
A 'minor' refers to an individual who is under the age of majority, which is specified by law. This age can range between 18 to 21 years, depending on the jurisdiction. Certain contracts entered into by minors are voidable at the discretion of the minor.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.