Randy, as His Two Older Brothers Before Him, Moved Out

question 58

Multiple Choice

Randy, as his two older brothers before him, moved out of the house when he was quite young. When he was 17, he and his older brother, Ted, wanted to buy a condominium in Nelson. They both had jobs and the bank was willing to lend them money and take a mortgage on the condo. Which of the following is a correct statement about the law governing this situation?

• A) These contracts would be binding on Randy only if he disclosed the fact that he was a minor to the other parties.
• B) All contracts with infants are void.
• C) The mortgage agreement would be binding on Randy as an adult if he continued to make payments after reaching the age of majority.
• D) A mortgage granted by Randy to the bank is effective until a court orders otherwise.
• E) All infants' contracts are enforceable as soon as they become adults.

Interpret the legal implications of corporate actions and decisions, including asset sales and director conduct.

Distinguish between the roles and responsibilities of different corporate stakeholders.

Analyze the implications of specific doctrines and legal rules on corporate management and operations.

Understand the process and requirements for corporate formations and dissolution.

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Definitions:

User Costs

The costs associated with the use of a product or service, including purchase price, maintenance, and operation expenses.

User Cost

The opportunity cost of using a depletable resource now, which depletes its availability in the future, or the depreciation and maintenance cost associated with using durable goods.

Extraction Cost

Extraction cost is the expense associated with removing raw materials or natural resources from the Earth, factoring in labor, energy, and technology requirements.