In May, Joey, a 17-Year-Old, Enters into a Contract to Factory

question 7

Multiple Choice

In May, Joey, a 17-year-old, enters into a contract to factory order a car. He gives the dealer a $2,000 deposit. The car will be delivered in September. Joey reached the age of majority in July. He took no action. Is he bound by the contract and required to take delivery of the car in September?

• A) Yes, it remains binding unless repudiated within a reasonable time of attaining the age of majority.
• B) Yes, it remains binding unless ratified within a reasonable time of attaining the age of majority.
• C) No, it is not binding unless repudiated within a reasonable time of attaining the age of majority.
• D) No, it is not binding unless ratified within a reasonable time of attaining the age of majority.
• E) No, it is not binding. It is automatically repudiated upon a minor attaining the age of majority

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Definitions:

Decreases

A term indicating a reduction or decline in value, quantity, or extent.

Correlation Coefficients

Statistical measures that indicate the strength and direction of the relationship between two or more variables.

Phi Coefficient

A metric indicating the strength and direction of the relationship between two dichotomous variables, with values spanning from -1 to 1.

Partial Correlation

A measure of the relationship between two variables, controlling for the effect of one or more other variables.