At Age 17, Wanda Purchased an Expensive Sound System from Lectronic

question 33

Multiple Choice

At age 17, Wanda purchased an expensive sound system from Lectronic City. If Wanda wishes to ratify this contract, Wanda:

• A) must reach the age of majority and ratify the contract as a whole.
• B) may do so by express notification at any time before reaching the age of majority.
• C) may at any time keep the sound system but avoid any remaining debt owed on it.
• D) may do so at any time by express or implied action before or after reaching the age of majority.

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Definitions:

Generate Future Income

The process or strategy of creating or increasing earnings or revenue streams for a person or entity in subsequent periods.

Net Income

Net Income is the total profit of a company after all expenses, taxes, and costs have been subtracted from total revenue.

Cash Provided

Funds that are generated and made available by a business through its operational activities, investments, or financing.

Investing Transactions

Financial activities related to the purchase or sale of long-term assets and investment securities.