1. In determining whether to grant a petition, the court shall consider whether the terms, conditions and covenants of the contract are: (a) Objectively fair and reasonable; (b) Consistent with the standards of the industry to which the object of the contract pertains; (c) Consistent and in compliance with the laws of this state, including, without limitation, the laws governing the conduct and employment of minors; and (d) In the best interests of the minor. 2. After considering the petition, the court shall issue an order: (a) Granting the petition. (b) Granting the petition upon the condition that the parties modify the terms of the contract in the manner set forth in the order. If the parties modify the terms of the contract in the manner set forth in the order, the petition shall be deemed granted on the date that the contract, as modified, is executed by the parties. (c) Denying the petition. If the court issues an order denying the petition, an interested party may file a new petition for approval of the contract if the parties modify the terms of the contract. 3. The granting of a petition pursuant to this section: (a) Extends to the entire contract and all of its terms and provisions, including, without limitation, any optional or conditional provisions contained in the contract for extension, prolongation or termination of the term of the contract. (b) Must not be construed to constitute an emancipation of the minor.
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