Marty,a 16-Year-Old,contracts with Cream-Of-The-Crop Cycles to Buy an $8,000 Motorcycle

question 16

Multiple Choice

Marty,a 16-year-old,contracts with Cream-of-the-Crop Cycles to buy an $8,000 motorcycle.Marty agrees to make monthly payments until the purchase price plus interest are paid in full.
-Which of the following is correct?

• A)The contract is voidable by Marty.
• B)The contract is void as soon as it is made.
• C)The contract is voidable by Cream-of-the-Crop Cycles.
• D)The contract is voidable by either Marty or Cream-of-the-Crop Cycles.

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Definitions:

Income Statement

A financial statement that shows a company's revenues, expenses, and profit or loss over a specific period of time.

Financial Position

A snapshot of a company's financial health, encompassing assets, liabilities, and equity at a given point in time.

Specific Date

A particular day specified for a certain event, transaction, or deadline.

Return On Assets

A financial ratio indicating the profitability of a company relative to its total assets, measuring efficiency in generating earnings.