A Contract with a Minor Which Is Enforceable and Binding

question 26

Multiple Choice

A contract with a minor which is enforceable and binding on both parties is called:

• A)a voidable contract.
• B)a void contract.
• C)a good contract.
• D)a valid contract.

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Definitions:

Cost

The amount of money or resources expended to acquire an asset, produce a product, or deliver a service.

Book Value

The amount of an asset or liability according to its balance sheet account, minus any depreciation, amortization, or impairment costs.

Inventory Items

Goods and materials that a business holds for the ultimate goal of resale or production.

List Price

The suggested retail price of a product or service, before any discounts or adjustments.