Mark (Age 16) Appoints Joe (Age 21) as His Agent

question 21

Multiple Choice

Mark (age 16) appoints Joe (age 21) as his agent to purchase a digital camcorder from Electronic World. The transaction is:

• A) void because Mark is a minor.
• B) voidable by Electronic World because Mark is a minor.
• C) voidable by Mark because he is a minor.
• D) not voidable because Joe is not a minor.

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Definitions:

Gain

The increase in equity resulting from the sale of a business asset for more than its carrying amount.

Assets

Assets that a business possesses or controls, anticipated to yield future economic advantages.

Liabilities

Financial obligations or debts that a company owes to others, arising during the course of its operations.

Goods or Services

Products or activities provided by a business to customers in exchange for payment.