A Few States, Either by Statute or Court Ruling, Recognize

question 58

True/False

A few states, either by statute or court ruling, recognize a duty on the part of a minor to make restitution to the seller upon disaffirmance of a contract.

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Definitions:

Bondholder

An individual or entity that holds the debt security issued by governments or corporations, entitling them to receive interest payments and the return of principal.

Ownership Interest

Refers to the portion of a property or company that is owned by a specific investor or owner.

Real Asset

A tangible object with value derived from the service it provides such as a house or a car. Distinguish from a financial asset, which is a piece of paper giving its owner a claim to future cash flows.

Equipment

Assets used in the operations of a business, typically consisting of machinery, tools, and vehicles.