§ 9-26-101 - Rescission of sale, contract, etc., by minor -- Restitution. - Arkansas Statutes

9-26-101. Rescission of sale, contract, etc., by minor -- Restitution.

(a) In the case of a sale, contract to sell, conditional sale contract, or other contract to which an infant eighteen (18) years of age or older is a party, the sale, contract to sell, conditional sale contract, or other contract cannot be rescinded by the infant unless and until the infant makes full restitution to the other party to the sale, contract to sell, conditional sale contract, or other contract of the property and money received by the infant from the other parties.

(b) Full restitution of property means that the property must be returned in substantially the same condition as received. If this cannot be done, there must be returned the property plus a sum of money that equals the difference between the fair market value of the property at the time the sale, contract to sell, conditional sale contract, or other contract was made and its fair market value at the time of the rescission, or, if the property is no longer in the possession of the infant, there must be returned a sum of money equal to its fair market value at the time the sale, contract to sell, conditional sale contract, or other contract was made.