What does it mean for an applicant to not be a minor under contract law?

In contract law, being classified as a minor typically refers to individuals who are below the age of majority, which varies by state but is often around 18 years old. When an applicant is not considered a minor, it means they have reached the legal age established in their particular state, which allows them to enter into binding contracts.

This age of majority signifies that the individual has the legal capacity to understand and agree to the terms of the contract, thus being subject to the rights and responsibilities that come with it. Consequently, option B accurately reflects this concept, as it emphasizes the importance of being over the legal age specific to the applicant's state for the purpose of entering into contracts.

The other choices do not correctly define what it means to be not a minor under contract law. For example, setting the age at 21 is not universally applicable, as many states set the legal age at 18. Previous contract experience and having no debts are unrelated to the legal capacity to enter into contracts and do not determine an individual's status regarding being a minor.