Jake Is Twelve Years Old When He Enters into a Contract

question 24

Multiple Choice

Jake is twelve years old when he enters into a contract with Germaine, who is twenty-five years old. Jake is

• A) legally bound to the contract.
• B) not legally bound to the contract.
• C) legally bound to the contract until he turns eighteen.
• D) legally bound to the contract until he turns twenty-one.

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Definitions:

Partnership Agreement

A legal document that outlines the rights, responsibilities, and profit and loss distribution among partners in a business partnership.

Corporate Officer

An executive or high-ranking official within a corporation, often with legal responsibilities.

Corporate Treasurer

A senior executive responsible for managing the company’s investments, capital structure, risk management, and liquidity, including handling corporate financing activities.

Corporate Controller

A senior executive responsible for overseeing the accounting operations and financial reporting of a company.