Ratification Consists of Any Words or Conduct of a Former

question 26

True/False

Ratification consists of any words or conduct of a former minor manifesting an intent to be bound by the terms of a contract made while a minor.

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Definitions:

Flexible Budget

A budget that adjusts or flexes with changes in volume or activity, allowing companies to better forecast costs and revenues.

Personnel Expenses

Costs associated with employing staff, including wages, benefits, and training costs.

Planning Budget

A financial plan that estimates the revenue and expenses for a specific period in the future, often used for setting financial goals.

Administrative Expenses

Overhead costs related to the general operation of a company, such as salaries of executive personnel, office supplies, and utilities.