Which of the Following Is NOT Relevant to the Validity

question 31

Multiple Choice

Which of the following is NOT relevant to the validity of a beneficial contract of service with a minor?

• A)The whole of the terms of the contract.
• B)Whether the balance is in the minor's favour.
• C)The nature of the employment.
• D)Any harsh or onerous terms.

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Definitions:

Implicit Cost

The opportunity costs that are not directly paid or incurred but represent the loss of alternative benefits when resources are used in a particular way.

Capital

A resource, such as equipment or buildings, used to produce goods and services.

Implicit Costs

The opportunity costs that are not directly paid for or visibly incurred in financial transactions but represent real costs to economic actors.

Economic Costs

Economic costs include both the explicit costs of production, such as raw materials and wages, and implicit costs, such as opportunity costs.