Yep, rules are a must. Donovan has very similar rules:
Gear... don't have it, don't ride.
Let us know where you are, where you're going, when you're leaving and when you get there.
We ever hear about shenanigans (i.e. wheelies, splitting, etc), the bike gets parked.
BTW, I know I'm kind of being flippant about letting Donovan ride a street bike. But he's been riding since he was 4, racing since he was 7, track days since he was 9-10. He made very few mistakes during his 9 month/45 hours of practice/permit time for driving. He's a good driver and a good rider.
Maturity and responsibility... it's on the parents to decide if their child has both of these in order to make a sound decision in whether or not their child should be allowed to ride a street bike.
No spare tire? Or don't know how to change a flat tire? My sister's husband calls her to come rescue him from flat tires. He doesn't know how to change a tire and he doesn't want to wait for AAA to show up.