A restatement of one's willingness to be bound by promises made during minority is known as what?

The term that describes a restatement of one's willingness to be bound by promises made during minority is "Ratification." Ratification occurs when a minor, upon reaching the age of majority, confirms and accepts the obligations and rights of a contract that they entered into while they were still considered a minor.

When a minor enters into a contract, that contract is generally voidable at their discretion. However, once the minor reaches adulthood, they can choose to ratify the contract, thereby making it legally binding. This action demonstrates their intention to be bound by the agreements made during their minority and removes the option to void the contract.

Understanding this concept is crucial because it highlights the transition from childhood to adulthood in legal terms, where individuals gain full capacity to enter into contracts, and it emphasizes the importance of the ratification process in validating previously voidable agreements. The other terms do not reflect this specific legal action related to contracts and minority status.