Which of the Following Is True of a Minor's Duty

question 82

Multiple Choice

Which of the following is true of a minor's duty towards a contract for necessaries of life?

• A)Minors need to reach the age of majority to enter into contracts for necessaries of life.
• B)Minors are exempt from paying for contracts of necessaries of life.
• C)Minors must pay the reasonable value of necessaries of life for which they contract.
• D)Parents are liable to provide necessaries of life to their minor children if they become emancipated.

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Definitions:

Price Per Unit

The cost assigned to a single unit of a product or service, used to determine the total price based on the quantity purchased.

Output Increase

The rise in the quantity of goods or services produced by a company or economy over a certain period.

Long-run Cost Structure

The pattern of costs that a firm faces over a long period when it is free to adjust all of its input levels, including investment in new plant and equipment.

Competitive Industry

An industry characterized by many firms offering similar or slightly differentiated products, leading to a high degree of competition and typically lower prices.