I believe Phil has really adventurous and mettlesome desire within his limited

recourses, but actually let`s discuss secure variant of contract for Bob Ferapples in
this case.
First, we should mention that Phil is a minor. Thus, in most cases with some
exceptions, a contract made by a minor is voidable. So, Phil, in other words, may
avoid the legal liability under a contract and leaves Bob with nothing. To prevent it
Bob should properly pay attention on the terms of a contract with Phil.
To begin with, Bob may find out whether automobile (costing 62000$) is necessary
or does not as in some instances, an automobile is also considered a necessary. It
is a well-known fact that goods and services that are necessary to the health and
safety of minors cannot be voided. A minor can decide to void a contract before
reaching the age of maturity (depending on the state, but usually 18). The minor
can make this decision at any time but a minor cannot disaffirm a contract for
something necessary for life, nor can a contract with a minor for necessary items
be voided. Actually, I suppose, in our case car would not be necessary and we need
to find another way to prevent contract from disaffirming.
Now we need turn to another important issue. It is clear that if a minor enters into a
contract, the parents are not a party to the contract and may not be held liable if the
minor doesn't fulfill the contract terms. However, if a parent co-signs a contract
along with the minor, the contract is valid and they are bound by the terms. What is
more, when entering into a contract with a minor it is a good starting off point to
ensure that you include a guarantor provision in the contract. A guarantor is
another party to the contract, in most cases the parent. This does not take away
from the fact that the primary party to the contract will be the minor it just provides
for situations where there may have been a default in payment on the contract or a
similar issue. That is why, through writing contract with Phil and his parents it
have to be considered that the guarantor (one of the Phil`s parents) agree to pay the
cost of the car payments if Phil fails to do so.