If a contract that is otherwise valid is approved by the court by the granting of a petition, a minor may not, during his or her minority, upon reaching the age of majority or upon his or her emancipation: 1. Disaffirm the contract on the ground that the contract was entered into during his or her minority; 2. Rescind, avoid or repudiate the contract because of his or her minority; 3. Rescind, avoid or repudiate any exercise of a right or privilege pursuant to the contract because of his or her minority; or 4. Assert that a parent, custodian or guardian lacked authority to make the contract on behalf of the minor.
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