If a Party Is Below the Legal Age for Contracting

question 45

Multiple Choice

If a party is below the legal age for contracting, his or her contracts are:

• A) the contracts implied in law.
• B) voidable at their option.
• C) quasi contracts.
• D) option contracts.

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Definitions:

Stock Traded

Shares of ownership in a company that are bought and sold on a stock exchange.

Stockholders' Equity

Stockholders' equity represents the ownership interest of shareholders in a corporation, calculated as total assets minus total liabilities.

Shares

Shares represent units of ownership interest in a corporation or financial asset, providing an entitlement to a portion of the company's profits and assets.