Which of the following is NOT a true statement about the ratification of a contract of a minor?

A party with legal capacity is essential for ratification because it involves a clear intention to affirm the contract made during a minor's time of incapacity. When a minor enters into a contract, that contract is generally voidable, meaning the minor has the option to disaffirm it upon reaching the age of majority. Once the minor becomes of legal age, they can express their intention to be bound by the original contract, which is known as ratification.

In this context, the first three statements accurately describe aspects of ratification. Ratification indeed occurs only after the minor reaches the age of majority, and it can be expressed in either oral or written form. Furthermore, the intention to be bound by a contract is a fundamental principle of ratification, capturing a minor's decision to accept the contract terms despite their initial incapacity. Therefore, the statement about only a party with legal capacity being able to ratify is not accurate, making it the correct answer to the question.