When a Minor Avoids Contracts, the Minor Always Must Return

question 12

True/False

When a minor avoids contracts, the minor always must return the other contracting parties to their original financial positions.

---

Definitions:

Income Statement

A financial statement that shows a company's revenues, expenses, and profits over a specific period.

Unit Product Cost

The total cost to produce one unit of a product, including direct materials, direct labor, and manufacturing overhead.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, highlighting net profit or loss.

Variable Costing

An accounting method that only considers variable costs (costs that vary with production volume) in determining product costs and profitability.