In Great Britain, a Legally Binding Contract Cannot Be Entered

question 44

True/False

In Great Britain, a legally binding contract cannot be entered into by a young person until the age of 21.

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Definitions:

Willful Misconduct

Intentional wrongdoing or a reckless disregard for the safety and rights of others.

Internal Revenue Code

The comprehensive set of tax laws in the United States that govern federal tax obligations.

Securities Act of 1933

A U.S. federal law enacted to ensure more transparency in financial statements and to prevent fraud in the sale of securities, requiring that investors receive significant information about securities being offered for public sale.

Material Fact

An important fact that could influence a decision in a contract, negotiation, or legal case; its omission or misrepresentation could constitute fraud.