Option (1) is incorrect: Void from the beginning
Option (2) is correct: Under Section 11 of the Indian Contract Act, 1872, every person is competent to contract who is of the age of majority. A contract with a minor is void ab initio.
Option (3) is incorrect: It is not a voidable contract.
Option (4) is incorrect: It is not a voidable contract at the option of either party.