For the Purposes of Contract Law, a Minor Is a Person

question 4

Multiple Choice

For the purposes of contract law, a minor is a person:

• A)under the age of 18 years.
• B)under the age of 16 years.
• C)under the age of 21 years.
• D)who still lives with their parents.

---

Definitions:

Marginal Revenue Product

The additional revenue generated from the sale of one more unit of a good or service produced as the result of one more unit of an input.

Wage Rate

The fixed amount of compensation or payment received by an employee from an employer in exchange for work or services performed.

Labor

Refers to human effort, whether physical or mental, used in the production of goods and services.

Derived Demand

The demand for a good or service that results from the demand for a different, or intermediate, good or service.