At Common Law, a Minor Cannot Be Held Contractually Liable

question 1

True/False

At common law, a minor cannot be held contractually liable for his or her necessary medical expenses when the parent is unable or unwilling to pay.

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Definitions:

Mortgage

A type of loan secured by real property, typically used to purchase property or which existing property owners use to raise funds.

Financing Activities

Financing activities are transactions related to raising capital and repaying borrowed funds, such as issuing stocks or bonds, and are reported in the cash flow statement.

Treasury Stock

Shares that were issued and subsequently reacquired by the issuing company, reducing the amount of outstanding stock on the open market.

Bonds Payable

A classification in accounting for debts of a corporation due to be paid to bondholders at a specified date.