A waiver or release of liability is a contract releasing a party from liability for injuries resulting from his or her ordinary negligence. An indemnification agreement is a contract agreeing to reimburse the party for any monetary loss incurred as a result of a participant’s engagement in an activity.The law is well-established in most states that a contract signed by a minor only is not enforceable because, as a matter of law, minors lack the capacity and competency to enter into binding contractual agreements …