When the Contract Is Executory and a Minor Misrepresent His

question 14

Multiple Choice

When the contract is executory and a minor misrepresent his or her age, several states will:

• A) permit the minor to disaffirm an agreement and recover any consideration paid.
• B) not permit the minor to disaffirm the agreement.
• C) allow the adult to recover for damages resulting from the minor's misrepresentation.
• D) hold the minor liable in tort for fraud.

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Definitions:

Reporting Period

The reporting period is the span of time covered by financial reports, and it can be monthly, quarterly, or annually.

Lower Of Cost

An accounting method that values inventory at the lower of its historical cost or market value to report losses in value.

Financial Flexibility

Financial flexibility denotes an organization's ability to react to unexpected expenses and investment opportunities without jeopardizing its financial stability.