A Minor May Repudiate All Contracts Entered into by Her

question 28

Multiple Choice

A minor may repudiate all contracts entered into by her with the EXCEPTION of

• A)contracts for necessaries.
• B)contracts entered into under duress.
• C)contracts that are beneficial to the minor.
• D)contracts pertaining to real estate.
• E)contracts entered into with relatives.

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Definitions:

Cost Of Labor

The total amount of financial compensation and benefits paid to employees for their work, including wages, salaries, and benefits.

Isocost Line

An isocost line represents all combinations of inputs (like labor and capital) that cost the same amount for a firm, illustrating budget constraints in production.

Total Cost

A combination of constant and fluctuating expenses that a company endures in the process of producing goods or services.

Isoquant

A curve that shows all combinations of inputs that produce the same level of output, used in production theory to analyze optimal input combinations.