When Minors Reach 18 Years of Age They Sometimes Ratify

question 7

Multiple Choice

When minors reach 18 years of age they sometimes ratify (approve) invalid contracts they made when they were under 18.Victoria and Tasmania have passed special legislation which provides that ratification is:

• A)valid provided the minor's parents give signed approval.
• B)not valid under any circumstances.
• C)valid provided the contract involved a loan,or unpaid accounts.
• D)not valid if the goods involved are above market value.

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Definitions:

Finance An Acquisition

The act of providing or securing funds to purchase another business or significant asset.

Selling Firm's Shareholders

Individuals or entities that own shares in a company that is in the process of being sold or has sold a portion of its assets.

Divestiture

The process of selling an asset, investment, or division of a company as a strategic move for growth or downsizing.

Wholly Owned Subsidiary

A company whose entire stock is held by another company, making it 100% owned by the parent company.