An emancipated minor shall be considered as being over the age of majority for the following purposes:
(1) For the purpose of consenting to medical, chiropractic, optometric, dental, or psychiatric care, without parental consent, knowledge or liability;
(2) For the purpose of his capacity to enter into a binding contract;
(3) For the purpose of his capacity to sue and be sued in his own name;
(4) For the purpose of his right to support by his parents;
(5) For purposes of the rights of his parents to his earnings, and to control him;
(6) For the purpose of establishing his own residence;
(7) For the purpose of buying or selling real property;
(8) For the purpose of ending all vicarious liability of the minor's parents or guardian for the minor's torts; and
(9) For the purpose of enrolling in any school or college.
Nothing in this section may be construed to relieve the minor's parents or guardian from any liability for the torts of an emancipated minor if the liability arises out of an agency relationship, out of the operation of a motor vehicle as provided in § 25-5-15 or some other principle of law other than the parent-child relationship.