What law allows children age 16 todrop out of high school and what is the legal jargon

Depends. Where are you? States and provinces vary.

-Side note:
It is never a wise decision to drop out of school. Ever.

Sarah

If you don't go to school in most states you can be charged with truency. In some states they will also arrest your parents for not making you go to school.

Why do you want to drop out ?