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.

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Definitions:

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choosing to do one thing over another.

Production Possibilities Schedule

A table or graph that shows the various combinations of two goods or services that an economy can produce using all its resources efficiently.

Opportunity Costs

The loss of potential gain from other alternatives when one alternative is chosen; the value of the next best choice.