The Impact of the NSW Minors (Property and Contracts) Act

question 22

Multiple Choice

The impact of the NSW Minors (Property and Contracts) Act 1970 was to:

• A) Modify the common law.
• B) Replace the common law.
• C) Never make minors liable in contract.
• D) Make minors liable in contract only if their parents agreed.

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Definitions:

Wealth

The abundance of valuable resources or valuable material possessions, including the total of all financial assets minus any liabilities.

Price Elasticity

A measure in economics that shows how the quantity demanded of a good or service responds to a change in its price.

Bushels

A unit of volume that is used primarily in the United States to measure agricultural produce, such as grains, fruits, and nuts.

Pecks

A traditional unit of volume used for dry goods, equivalent to approximately 9 liters or a quarter of a bushel.