Explanation:

- Option 1: Valid: A negotiable instrument made in favor of a minor can be considered valid. A minor can be a payee or endorsee.

- Option 2: Voidable: This would imply the instrument can be canceled. However, since a minor can hold the instrument, it doesn't apply.

- Option 3: Valid: A minor can indeed be a payee of a negotiable instrument. Thus, instruments made in their favor are valid.

- Option 4: Invalid: This suggests the instrument is not legally binding. That's incorrect as minors can receive and endorse instruments.