Upon Attaining the Age of Majority,a Minor May Be Bound

question 17

Multiple Choice

Upon attaining the age of majority,a minor may be bound by two kinds of voidable contracts,namely

• A)contracts that create an interest of a continuous and permanent nature,and contracts that are ratified by the minor.
• B)contracts pertaining to real estate,and contracts pertaining to intellectual property.
• C)contracts of service and contracts of employment
• D)contracts of purchase,and contracts of sale.
• E)contracts that concern necessaries,and contracts that concern non-necessaries.

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Definitions:

Consolidated Net Income

The combined net income of a parent company and its subsidiaries, after adjustments for intercompany transactions.

Noncontrolling Interest

A minority shareholding in a company where the shareholder does not have the majority of voting rights.

Acquisition-Date Fair Value

The value of an asset or liability at the time of acquisition, determined according to applicable accounting standards for fair value measurement.

Controlling Interest

Ownership of a sufficient portion of a company's stock to dictate policies and make management decisions, typically over fifty percent.