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mingdingo

This guy has a huge ego (check out his blog).

But taking a 30K risk when you're 16 is pretty impressive, especially considering how poor his family was.

EDIT: Not his blog, his site.

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But taking a 30K risk when you're 16 is pretty impressive, especially considering how poor his family was.

He would have been, practically and legally speaking, able to walk away from that deal totally without consequence. Remind me who was taking the risk again?

I was under the impression that he would have to pay in 90 days.

Otherwise, it's one hell of a deal.

As a minor was the agreement legally binding?

From the article it sounds like he got his brother to sign, reading slightly between the lines. So his brother would be the one on the hook, legally, if that were the case.

A contract signed by a minor is voidable (can be cancelled without penalty) by the minor, but is not void (legally inoperable as if it never existed).

HOWEVER, if a contract is cancelled, both sides must return anything they received the other side party to the contract.

Technically, yes he would've had to pay. But he had no money and neither did his family. If he didn't pay there was no one and nothing to go after, he'd simply declare bankruptcy.

Technically, as a minor he could just say "Whoops, my bad" and the contract would probably be voided, but practically speaking simply refusing to respond to someone on another continent leaves them pretty much screwed, even without taking any step to resolve the situation legally.

"Pay me."

"..."

"Pay me or I'll spend several hundred thousand dollars on a lawyer to recover my $30k!"

"..."

"Pay me please?"

"..."

Not entirely true. He could void the contract, but then he'd have to turn over any profits made to the guy he bought the code from (unjust enrichment/quasi-contract).

Just because there isn't a remedy under the contract doesn't mean there isn't a remedy at equity. Usually, the equitable remedy is worse (from the minor's point of view) than the contractual remedy, b/c the equitable remedy is not limited to losses/gains/terms under the contract -- it is limited only by what the court deems is "fair".

He lives in Santana Row (also where Blue Lithium used to be located), I saw him while I was visiting my sister a few weeks ago and she and her husband told me has a massive ego as well (they've met him a few times).

But I guess given where he came from and what he's accomplished he's earned the right to act however he wants. I personally think being humble gets you much further in life, but that's just me.

"But I guess given where he came from and what he's accomplished he's earned the right to act however he wants."

Why's that? It excuses nothing.

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