When a Minor Disaffirms a Contract,he or She CANNOT Keep

question 40

True/False

When a minor disaffirms a contract,he or she CANNOT keep whatever he or she has received as a result of the contract without paying for it. 

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Definitions:

Long-Term Investment

Long-term investments are financial assets that a company intends to hold for more than one accounting year, such as stocks, bonds, or real estate.

Discontinued Operation

A component of a business that has been disposed of or is held for sale and represents a separate major line of business or geographical area of operations, segregated in financial reporting.

Management's Discussion

A section in a company's annual report where senior executives provide their perspective on the financial health, results, and future outlook of the company.

Journal Entries

Records of financial transactions in the accounting system that are entered in the general journal.