The Maximum Amount of Time That a Minor Has to Disaffirm

question 42

Multiple Choice

The maximum amount of time that a minor has to disaffirm a contract is:

• A) one year from the date of the agreement.
• B) 30 days from learning of his or her right to disaffirm.
• C) the age of majority.
• D) a reasonable period of time after reaching the age of majority.

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Definitions:

Closed Economy

An economic system that does not engage in international trade with outside countries, relying on its own resources.

Accounting Identity

A fundamental equation that must always hold true, often without regard to time or specific instances, in accounting and economics.

Government Purchases

Expenditures by the government sector for goods and services that are consumed within the current period.

Closed Economy

An economic system that does not interact with other economies in terms of international trade or financial transactions.