(1)Where a person of or over the age of 16 years but under the age of 18 years proposes to enter into a transaction which, if completed, could be the subject of an application to the court under section 3 above to set aside, all parties to the proposed transaction may make a joint application to have it ratified by the court.
(2)The court shall not grant an application under this section if it appears to the court that an adult, exercising reasonable prudence and in the circumstances of the person referred to in subsection (1) above, would not enter into the transaction.
(3)An application under this section shall be made by means of a summary application—
(a)to the sheriff of the sheriffdom in which any of the parties to the proposed transaction resides, or
(b)where none of the said parties resides in Scotland, to the sheriff at Edinburgh,
and the decision of the sheriff on such application shall be final.