Should an Adult Find Out That They Have Entered into a Contract

question 78

True/False

Should an adult find out that they have entered into a contract with a minor,the adult may disaffirm the contract if they do so before the minor reaches the legal age.

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Definitions:

Effective Annual Cost

This term refers to the total cost of borrowing on an annual basis, including interest and any fees, taking compounding into account.

Nominal Cost

The original cost of an asset or investment, not adjusted for inflation or other factors affecting its current value.

Trade Credit

An arrangement to buy goods or services on account, that is, without making immediate cash payment, usually evidenced by an invoice.

Nominal Annual Cost

The stated annual cost of borrowing or investing, without adjusting for the compounding of interest or for inflation.