In a Not Essentially Equivalent Redemption [§ 302(b)(1)],the Family Attribution

question 69

True/False

In a not essentially equivalent redemption [§ 302(b)(1)],the family attribution rules of § 318 apply.

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Definitions:

Ratification

The act of giving formal consent to a treaty, contract, or agreement, making it officially valid.

Minor

An individual under the legal age of adulthood, often considered as under 18 years old in many jurisdictions.

Majority

More than half of a group or quantity, often used to describe the greater part or number in a community or collection of items.

Disaffirm

To reject, refuse to accept, or declare a contract void, often used in the context of minors’ capacity to enter into contracts.