A Contract Entered into Between an Adult and a Minor

question 31

True/False

A contract entered into between an adult and a minor is unenforceable by both parties.

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Definitions:

Shareholders

Individuals or entities that own shares in a corporation, giving them certain rights such as voting on corporate matters.

Unlimited Personal Liability

A legal obligation where an individual can be held personally responsible for the debts and obligations of a business entity without any limit on the amount.

General Partners

Individuals in a partnership who are responsible for the management of the partnership, have unlimited liability for its debts, and share the partnership's profits.

Limited Partners

Part-owners of a partnership who have limited liability to the debts of the partnership and do not participate in day-to-day management.