For a Minor to Disaffirm a Contract, He or She

question 50

True/False

For a minor to disaffirm a contract, he or she must present the contract to a court.

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Definitions:

Binding Price Floor

An enforced price limit by authorities that prevents prices from falling below a certain level, causing excess supply.

Surplus

A situation where the quantity supplied of a good exceeds the quantity demanded, often leading to a decrease in prices.

Market

A market is a venue where buyers and sellers meet to exchange goods, services, or financial instruments. It can be physical or virtual.

Price Ceiling

A price ceiling is a government-imposed limit on how high a price can be charged for a product, service, or commodity, aimed at protecting consumers from excessive prices.