When Peter Is 16, He Enters into an Agency Agreement

question 27

Multiple Choice

When Peter is 16, he enters into an agency agreement whereby he rents commercial property in exchange for a commission valued at 2% of the lease. When he turned 18 (the age of majority) he took no action. Does the contract continue?

• 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

Knowledge of the interchangeability and specific uses of tuberculin and insulin syringes.

Skills to convert and prepare medication doses for administration based on available drug concentration and prescribed doses.

Understand the structure and components of business communication for claims, adjustments, and routine requests.

Comprehend the importance of professionalism and maintaining a professional tone in business communications.

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Definitions:

Fundamental Resource

Basic inputs used in the production of goods and services, typically including labor, capital, land, and entrepreneurship.

Labor

The physical and mental effort used to produce goods and services.

Human Creations

Innovations, artworks, processes, and inventions that result from human imagination and intellect.

Capital

Resources made and used by people to produce and distribute goods and services, including buildings, machinery, and equipment.