The Case of in Re the Score Board, Inc

question 71

Multiple Choice

The case of In Re The Score Board, Inc.involved the issue of:

• A)a minor's liability for misrepresentation of age.
• B)whether an incompetent person's contracts are void or voidable.
• C)ratification of a contract upon attaining majority.
• D)liability for necessaries.

---

Definitions:

Salvage Value

The estimated residual value of an asset at the end of its useful life.

Double Declining-Balance Depreciation

An accelerated depreciation method that doubles the rate of straight line depreciation.

Depreciation Expense

The systematic allocation of the cost of a tangible asset over its useful life, reflecting the asset's consumption or loss of value.

Declining Balance Depreciation

A depreciation method that applies a constant rate to the declining book value of an asset, resulting in accelerated depreciation.