Final answer:
Jeremy's parents are not liable for the contract signed by Jeremy, as he is a minor and not legally competent to enter into contracts.
Step-by-step explanation:
In this case, Jeremy is a minor who signed a contract without his parents' knowledge. Minors are generally not considered legally competent to enter into contracts, and as such, the contract would likely be voidable at Jeremy's discretion. Therefore, Jeremy's parents are not liable for the contract. Minors are typically protected by the law, as they are considered vulnerable and in need of parental supervision.