If a Minor Wishes to Be Bound to a Contract

question 55

Multiple Choice

If a minor wishes to be bound to a contract after becoming an adult,she must:

• A) ratify the contract
• B) disaffirm the contract
• C) give back the goods or services received as a minor
• D) bring an action to verify the contract

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Definitions:

Accrued Loss

A loss that has occurred but has not yet been recorded in the accounts through the normal accounting process, often recognized through adjusting entries.

Major Categories

General classifications used in various contexts, such as financial accounting, to organize items or concepts into distinct groups based on similar characteristics.

Total Inventory

The sum value of all types of inventory a company holds, including raw materials, work-in-progress, and finished goods.

Gross Profit Ratio

A financial metric that shows the portion of sales revenue that exceeds the cost of goods sold, indicating efficiency in production and sales.