When a Minor Disaffirms a Contract,he or She Must Return

question 56

True/False

When a minor disaffirms a contract,he or she must return whatever he or she received as a result of the contract.

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Definitions:

Preferred Stock

A class of ownership in a corporation that has a higher claim on assets and earnings than common stock, often with fixed dividends.

Preferred Stock

A class of ownership in a corporation with a higher claim on assets and earnings than common stock, often receiving dividends before common shareholders.

Right To Vote

The entitlement to participate in making a decision by casting a vote, commonly seen in democratic processes and corporate settings.

Dividends In Arrears

Unpaid dividends on cumulative preferred stock that must be paid out before dividends can be issued to common shareholders.