A Ratified Contract Can Be Disaffirmed Even After the Minor

question 50

True/False

A ratified contract can be disaffirmed even after the minor reaches the age of majority.

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Definitions:

Depreciated

A decrease in the value of an asset over time, often due to wear and tear or obsolescence, which can be used for tax deductions.

Primarily Personal Property

Items or assets that are mainly used for personal, non-business purposes, which may include vehicles, furniture, and electronics.

Net Loss

The amount by which expenses exceed revenues, often deductible from other sources of income on a tax return.

Allocation Method

A system or formula used to distribute, divide, or allocated resources, expenses, or income among various accounts or entities.