Which of the Following Is Not a Type of Contract

question 70

Multiple Choice

Which of the following is not a type of contract generally recognised as enforceable against a minor?

• A)A contract for necessities.
• B)A contract for goods or services of the type suitable for a person under the age of 18 years.
• C)A beneficial contract of service.
• D)A contract where the minor acquires a continuing interest or undertakes a continuing obligation.

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Definitions:

Income Taxes Payable

The amount of income tax a company owes to the government but has not yet paid, usually accumulated over a financial period.

Income Tax Expense

The amount of money a company owes in taxes based on its taxable income.

Long-term Debt

Debt obligations with a maturity of more than one year, utilized to finance a company's operations or expansions over a longer period.

Capital Lease

A lease arrangement that transfers substantially all the risks and rewards of ownership of an asset to the lessee, essentially treated as a purchase.