I. The court, on its own motion or the motion of any parties to the dispositional hearing, may modify or revoke the emancipation order upon a showing that:
(a) The minor has committed a material violation of the law;
(b) The minor has violated a condition of the limited emancipation order; or
(c) The best interests of the minor are no longer served by the emancipation order.
II. Modification or revocation of a previous order of emancipation shall be effective only prospectively and contractual obligations validly entered into during the period of emancipation shall remain in effect.