If a Grocery Store Owner and a 15 Year-Old Boy

question 32

Multiple Choice

If a grocery store owner and a 15 year-old boy make an agreement,this contract will not be valid because of which contract requirement?

• A) Legality
• B) Contentment
• C) Consideration
• D) Capacity
• E) Agreement

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Definitions:

Telephone Bill

A telephone bill is a periodic charge levied on individuals or businesses for the use of telecommunication services.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, leading to net profit or loss.

Balance Sheet

A financial statement that provides a snapshot of a company’s financial position, listing assets, liabilities, and owner’s equity at a specific point in time.