A Minor May Disaffirm a Contract Only If the Subject

question 41

True/False

A minor may disaffirm a contract only if the subject matter is illegal.

Explain the role and significance of financial reports in the functioning of capital markets.

Understand how cultural, political, and financial systems influence financial reporting philosophies across countries.

Identify the current international body responsible for establishing accounting rules.

Define generally accepted accounting principles (GAAP) and their significance in accounting practices.

---

Definitions:

Discrimination

Unjust or prejudicial treatment of different categories of people, especially on the grounds of race, age, or sex.

Scapegoat Theory

A social-psychological concept that suggests individuals or groups are blamed and punished for problems or issues, often unfairly, to alleviate feelings of guilt or responsibility in others.

Racist Ideologies

Systems of beliefs that assert the superiority of one race over another, often used to justify unequal treatment or discrimination.

Social Stability

A state in which a society experiences consistent functioning, low levels of social unrest, and predictability in social relationships.