No Special Formalities Are Required for a Minor to Disaffirm

question 18

True/False

No special formalities are required for a minor to disaffirm a contract.

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Definitions:

Compounded Annually

Interest calculation method where interest is added to the principal sum at the end of each year, and the subsequent interest calculation includes the previously accumulated interest.

Simple Interest

Interest calculated on the principal portion of a loan or deposit, without compounding.

Interest

Payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum, at a particular rate.

Housing Prices

The amount of money required to purchase residential properties, which fluctuates based on location, demand, and other factors.