A Minor Is Not Liable Even for the Reasonable Value

question 41

True/False

A minor is not liable even for the reasonable value of necessaries purchased by him or her.

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Definitions:

Dollar-Pound Exchange Rate

The rate at which the currency of the United States can be exchanged for the currency of the United Kingdom.

Central Bank

The primary financial institution of a country, responsible for regulating the money supply, issuing currency, and managing the nation's monetary policy.

Reserves

Reserves are funds or materials set aside or saved for future use or to cover unexpected emergencies, often used in financial, resource, or energy sectors.

Equilibrium Exchange Rate

The exchange rate at which the demand for a currency is exactly equal to its supply in the foreign exchange market.