Let's analyze the statements about a minor's contract in Indian law:
\[\begin{array}{rl} \bullet & \text{A minor is not competent to contract under Section 11 of the Indian Contract Act. In the landmark case Mohori Bibee v. Dharmodas Ghose, the Privy Council held that a minor's agreement is not just voidable, but absolutely **void ab initio** (void from the beginning).} \\ \bullet & \text{Statements (i), (ii), and (iii) are false. Since the contract is void from the start, it is a nullity and cannot be legally revived or "ratified" by the minor upon attaining majority. Ratification applies only to voidable acts, not void ones. A new contract must be formed.} \\ \bullet & \text{Statement (iv) is true. Because the contract is void, no legal liability can be imposed on the minor under that contract.} \\ \end{array}\]
Therefore, only statement (iv) is correct. Option (B) is the closest, assuming (ii) is a typo of (iv) or there is an error in the question's options. Based on legal principles, (iv) is the only true statement.