Through Attorneys, Ethel, a Minor, Does Business in the Manner

question 25

Multiple Choice

Through attorneys, Ethel, a minor, does business in the manner of an adult to negotiate and buy Front Street Villas, an apartment building. In many states, this contract would be

• A) entirely unenforceable.
• B) fully enforceable.
• C) readily voidable.
• D) totally void.

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Definitions:

Deadweight Loss

A loss of economic efficiency that occurs when the optimal level of supply and demand is not achieved.

Supply Elasticities

Measures the responsiveness of the quantity supplied of a good to a change in its price.

Excise Tax

A tax imposed on specific goods, services, or transactions, often used to discourage consumption of certain products or to raise government revenue.

Black Markets

Illegal trade markets that arise when goods or services are traded at prices or in quantities that violate government regulations or laws.