Tim,who Is a Minor,enters into a Contract with Violet,who Is

question 60

Multiple Choice

Tim,who is a minor,enters into a contract with Violet,who is an adult.Which of the following is correct?

• A) Violet may not disaffirm the contract.
• B) Violet may disaffirm the contract at any time.
• C) Violet may disaffirm the contract when Tim becomes an adult.
• D) Tim may ratify the contract at any time during his minority.

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Definitions:

Linear

Pertaining to a relationship or equation that can be graphically represented in a straight line, indicating a constant rate of change.

Upward-Sloping

Describes a line or curve on a graph that increases in height as it moves from left to right, often used to represent the increase in price with an increase in quantity supplied.

Marginal Cost Curve

A graphical representation showing how the cost of producing one more unit of a good changes as the production volume is increased.

Short-Run Supply

The total quantity of goods and services that producers are willing and able to sell at a given price in the short term, considering some inputs as fixed.