Generally speaking a minor cannot enter into a legally binding contract.

A contract with a minor is not enforceable (except when they are an emancipated minor). It can be voided. Someone who has not yet reached the age of majority cannot sign a legally binding contract. It is possible that they can 'affirm' or 'accept' the contract once they come of age, making it valid.

Generally speaking no, not for the terms contained in the contract itself. However, if the minor deliberately perpetrated fraud in an attempt to gain services or products, (such as a credit card); he or she may be held liable for restitution and/or possibly face penalties both civil and criminal depending on the applicable laws of the state of jurisdiction. In cases involving credit card fraud there may have been federal violations as well.

A minor can enter into a contract. However, most contracts cannot be enforced against minors. (They are voidable, at the request of the minor.) For that reason, most people are hesitant to enter into a contract with a minor. However, the minor can enter a contract, can choose not to void it, and can enforce it against the other party.

In general, minors cannot enter into contracts. In most states, someone is a minor if he or she is under 18, though there may be variations. Therefore, if a minor signs a contract but later wants to get out of it, he or she can usually do so. For this reason, it is a good idea to have the minor's parents sign the agreement if you don't want it voided in the future. The most common justification for the rule is to protect minors from assuming obligations which they are not capable of understanding. It is obvious to see that this will lead to harsh results, so some general exceptions have been