If a Minor Makes a Contract with an Adult,and the Minor

question 34

Multiple Choice

If a minor makes a contract with an adult,and the minor does not disaffirm the contract either during the period of minority or within a reasonable time after reaching the age of majority,________.

• A) the adult is no longer obligated to the contract
• B) the minor can disaffirm it later and obtain full restitution
• C) the contract is considered ratified
• D) the minor is no longer obligated to the contract

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Definitions:

Similarities

Aspects or characteristics that are alike between two or more entities or objects.

Consolidated Financial Statements

Financial statements that show the combined financial position and results of operations of a parent company and its subsidiaries.

Combined Reporting

A method used in corporate taxation that combines the tax reports of related companies into one comprehensive report.

Corporation

A legal entity that is separate and distinct from its owners, capable of owning assets, incurring debts, and entering into contracts.