A Minor's Contract for Necessaries Makes the Minor Liable for the Reasonable

question 57

True/False

A minor's contract for necessaries makes the minor liable for the reasonable value of the necessaries furnished to him.

---

Definitions:

FIFO

An inventory valuation method that assumes the first items placed in inventory are the first sold, standing for "First In, First Out."

Weighted Average

A calculation method that accounts for the varying degrees of importance or weights of different elements in a dataset, often used in financial metrics and inventory costing.

Moving Average

A moving average is a statistical method used to analyze data points by creating a series of averages of different subsets of the full data set.

Net Method

An accounting method of recording purchases at the net of any trade discounts and rebates.