Blanche, a Minor, Enters into a Contract to Buy Two

question 13

Multiple Choice

Blanche, a minor, enters into a contract to buy two all-season passes from Chalet Mountain Resort. The contract will be made enforceable if Blanche

• A) ratifies it.
• B) disaffirms it.
• C) nullifies it.
• D) voids it.

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Definitions:

Implicit Costs

Implicit costs are the opportunity costs associated with a company's use of internal resources that could have been utilized elsewhere, not directly paid out in cash.

Economic Costs

The total cost of choosing one action over another, including both explicit costs (direct outlays) and implicit costs (opportunity costs).

Entrepreneur's Talent

The unique set of skills, knowledge, and intuition that an entrepreneur possesses, enabling them to identify, evaluate, and exploit business opportunities.

Annual Lease

A contract that allows for the rental of a property for a period of one year.