The Maximum Amount of Time That a Minor Has to Disaffirm

question 42

Multiple Choice

The maximum amount of time that a minor has to disaffirm a contract is:

• A) one year from the date of the agreement.
• B) 30 days from learning of his or her right to disaffirm.
• C) the age of majority.
• D) a reasonable period of time after reaching the age of majority.

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Definitions:

Initial Deposit

The first sum of money placed into an account or investment, serving as the starting balance.

Compounded Monthly

A method of calculating interest where the interest earned each month is added to the principal, so that the balance doesn't merely grow, it grows at an increasing rate.

Future Value

The future value of a current asset, calculated by applying an estimated growth rate over a specific period.

Interest Rate

The percentage charged on a loan or paid on an investment, representing the cost of borrowing or the income from lending.