When Mary Was 17 Years Old,she Was Asked to Become

question 50

Multiple Choice

When Mary was 17 years old,she was asked to become a partner in an clothing design shop because she created brilliant clothing designs.Mary liked the idea at the time and signed a partnership agreement/contract.However,after working for a month,she decided that it was not something she wanted to do.After Mary turned 18,she decided to stop being a partner in the clothing shop.In this situation

• A)Mary can repudiate the partnership contract because it is not a beneficial contract of service.
• B)so long as Mary does not affirm or ratify the partnership contract,she can repudiate it.
• C)there is nothing that Mary can do because she is now 18 years of age.
• D)there is nothing that Mary can do because she is bound by a beneficial contract of service.
• E)there is nothing Mary can do because she signed the partnership agreement/contract.

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Definitions:

Current Ratio

A financial metric indicating a firm's capacity to fulfill its short-term debts, which are obligations due within the next year, by dividing its current assets by its current liabilities.

Debt Ratio

A financial ratio that measures the proportion of a company's total debt to its total assets, indicating the company's leverage level.

Inventory Turnover in Days

A metric that calculates the number of days it takes for a company to sell through its entire inventory, indicating the efficiency of inventory management.

Acid-Test Ratio

A liquidity ratio that measures a company's ability to pay off its current liabilities with quick assets, excluding inventory.