What You Owe Minus What You Own Equals the Net

question 30

True/False

What you owe minus what you own equals the net assets you have.

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Definitions:

Disaffirmance

The legal right of a party, usually a minor, to renounce or void a contract, thereby releasing them from any obligations.

Consideration

Consideration in a legal context refers to something of value that is exchanged between parties as part of a contract, necessary for the contract to be legally binding.

Chinese Law

A legal system derived from civil law, heavily influenced by Soviet Socialist law, that governs the People's Republic of China.

Minors

Individuals under the legal age of majority, typically under 18 years old, not yet granted the full legal rights of an adult.