Minors Will Be Liable for Contracts

question 2

Multiple Choice

Minors will be liable for contracts

• A)if the contracts concern necessaries.
• B)if the minor completes a declaration stating that he or she has read and understood the terms of the contract.
• C)if they signed the contract.
• D)if the parent of the minor was present at the time the minor was signing the contract.
• E)if the minor is deemed to be of well-above-average intelligence.

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Definitions:

Receivable Indicators

Metrics or signs used to assess the performance or status of accounts receivables within a company.

Interest Rate

The percentage of a sum of money charged for its use, often expressed annually.

Stated Rate

The interest rate declared on a bond or other loan by the issuer, also known as the nominal or coupon rate.

Money

A medium of exchange that facilitates trade and is used as a measure of value and a store of wealth.