A Minor Can Ordinarily Disaffirm a Contract at Any Time

question 16

True/False

A minor can ordinarily disaffirm a contract at any time during minority but not after coming of age.

---

Definitions:

Foreign Subsidiary

A company owned or controlled by another company, the parent company, that is based in a different country than the subsidiary.

Functional Currency

The functional currency is the main currency used by a business or economic entity, reflecting the primary economic environment in which it operates.

Opening Inventory

The value of the goods available for sale at the beginning of an accounting period.

Functional Currency

The currency of the primary economic environment in which an entity operates, usually determined by the currency that mainly influences sales prices for goods and services or the country whose competitive forces and regulations most affect the entity's performance.