Discuss the Concept of Ratification and the Ways in Which

question 53

Essay

Discuss the concept of ratification and the ways in which a minor may ratify a contract. Give an example.

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Definitions:

Loanable Funds

The market where savers supply funds to borrowers, often facilitated by financial institutions, influencing interest rates through supply and demand.

Interest Rate

The proportion of interest a borrower is charged for borrowing money from a lender.

Investment Spending

Expenditures made by entities (individuals, companies, or governments) on capital goods, including buildings, machinery, and technology, to increase productivity.

Saving Incentives

Financial or policy incentives designed to encourage individuals or companies to save money rather than spend it.