A Minor Who Disaffirms a Contract for Necessaries Is No

question 10

True/False

A minor who disaffirms a contract for necessaries is no longer liable for the reasonable value of the goods.

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Definitions:

Closing Rate

The exchange rate of one currency to another at the end of a trading session in the foreign exchange market.

Spot Exchange Rate

The current market price at which one currency can be exchanged for another currency.

Spot Exchange Rate

The spot exchange rate is the current exchange rate at which a currency can be bought or sold for immediate delivery.

Initial Recognition

The process of recording an asset or liability for the first time in the financial statements, according to its fair value.