Ally, a Minor, Purchases a Car from a Used-Car Dealer

question 74

Multiple Choice

Ally, a minor, purchases a car from a used-car dealer. The law allows minors the right to cancel a contract until the time the minor turns 18. The contract between Ally and the dealer is:

• A) a valid contract.
• B) a voidable contract.
• C) a void contract.
• D) an unenforceable contract.

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Definitions:

Financial Planning

The process of creating strategies for managing finances to achieve personal economic satisfaction, including budgeting, savings, investments, and future planning.

Financial Plan

A comprehensive evaluation of an individual's or organization's current and future financial state by using current known variables to predict future income, asset values, and withdrawal plans.

Best Case Scenarios

Situations reflecting the most favorable or ideal outcomes of decisions, planning, or projections.

Asset Requirements

The minimum resources and assets needed for a business or investment to operate effectively and efficiently.