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If am I am 16 and own a web design company and I signed a contract with a client. Is that contract legally...?

If am I am 16 and own a web design company and sign a contract with a client. Is that contract legally binding or not? And if the client does not fufill his end of the deal, can I legally take down the site?

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You are not an adult and can't legally enter into contracts.
At 16, you cannot sign a contract at all. The "contract" is void on it's face, no matter what it says. The client can walk away, and should. Neither of you can enforce the contract.
If the web is contracted by two parties and one doesn't meet the critieria and defaults on their portion you have the right to do what you want with it.
I'm 15, and I run my own web design business ( http://tr.im/ojXW If you're interested) and I have signed multiple contracts. All of them are legally meaningless, don't worry about it. My guess is that you're making $600-$1000 websites, you can walk away from that.