If a Minor Enters into a Contract with an Adult

question 41

True/False

If a minor enters into a contract with an adult, both parties may disaffirm the contract based upon the minor's lack of majority.

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Definitions:

Capital Interest

The portion of an investment or interest in a partnership that represents the owner's or partner's share of the capital.

Partnership Interest

The share or portion that a partner owns in a partnership, including rights to profits and decision making.

Capital Account

An account showing the net worth of a business at a specific point in time, including resources owned and liabilities owed.

Equity

The value of an owner's interest in a property or business, determined by subtracting liabilities from assets.