A Minor's Act of Legally Separating from His or Her

question 33

Multiple Choice

A minor's act of legally separating from his or her parents and providing for himself or herself is known as ________.

• A) ademption
• B) revocation
• C) redemption
• D) emancipation

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Definitions:

Expected Utility

A theory in economics that calculates the utility of an outcome based on its probability and the utility of the outcomes.

Income

The monetary payment received for goods or services, or profit from investments, typically calculated on a regular basis like annually or monthly.

Expected Utility Function

A mathematical expression that represents an individual's preferences over a set of outcomes, incorporating the probabilities of those outcomes.

Sure Payment

A guaranteed payment or financial transaction that is certain to occur.