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Determining the appropriate time

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Eric, an adult, signs a written contract by which he promises to sell his guitar to Jimmy, a minor, for $500. Before the transaction takes place, however, another adult, Mick, offers Eric $700 for the guitar. When Eric tells Mick of the contract with Jimmy, Mick says, "Don't worry. Contracts with minors are void." Jimmy, at the appropriate time, tenders $500 cash to. Eric responds, "I'm sorry, Jimmy. I've sold the guitar to Mick." Jimmy sues both Eric and Mick. What result, and why?

Reference no: EM131109002

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