A Contract with a Minor Is Voidable

question 42

Multiple Choice

A contract with a minor is voidable

• A) if the agreement has not been co- signed by the parent.
• B) if the minor entered into the contract under duress.
• C) if the minor cannot read or write.
• D) if the minor is entitled to avoid the legal obligations that the contract created.
• E) if it has not been signed by the minor.

---

Definitions:

Market Price

The amount of money for which a good or service is offered, sold, or bought in the market.

Cost

The value of the inputs used in the production of goods or services, including money, time, and resources.

Producer Surplus

Producer surplus is the difference between what producers are willing to accept for a good or service versus what they actually receive, often seen as profit.

Producer Surplus

The disparity between the price suppliers are ready to settle for when selling a good or service and the greater amount they end up receiving.