If a Minor Does Not Disaffirm a Contract Either During

question 84

True/False

If a minor does not disaffirm a contract either during the period of minority or within a reasonable time after reaching the age of majority,the contract is considered ratified.

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Definitions:

Depletion Expense

An accounting approach to allocate the cost of extracting natural resources, such as minerals or timber, over the period those resources are consumed.

Straight-line Method

A method of calculating depreciation whereby an asset's cost is evenly spread over its useful life.

Salvage Value

The estimated residual value of an asset at the end of its useful life, often considered for depreciation calculations.

Useful Life

The estimated duration a fixed asset is expected to be economically usable, with normal repairs and maintenance, for it to generate revenue.