Ratification Need Not Be Express;it May Be Implied from the Minor's

question 27

True/False

Ratification need not be express;it may be implied from the minor's conduct.

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Definitions:

Credit Terms

The conditions, including payment deadlines and interest rates, under which credit is extended to a borrower.

Aging Schedules

Timetables in accounting that categorize a company's accounts receivable according to the length of time an invoice has been outstanding.

Overdue Accounts

Financial accounts or receivables that have not been paid by the due date.

Receivables

Amounts owed to a company by its customers for goods or services provided on credit.