Which of the Following Is True Regarding the Obligation of a Minor

question 39

Multiple Choice

Which of the following is true regarding the obligation of a minor on disaffirmance?

• A) In all states, a minor must return any consideration in his control but is entitled to a full refund of any purchase price regardless of the condition of the consideration when returned.
• B) In all states, a minor is entitled to a full refund without returning consideration.
• C) In all states, a minor must return any consideration in his control, must make restitution, and must pay for any loss in value of the collateral.
• D) In all states, a minor only receives a return of half the minor's investment.
• E) The obligations of a minor on disaffirmance vary from state to state.

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Definitions:

Scarcity

A condition where resources are limited in comparison to the desires or needs.

Credibility

The quality of being trusted and believed in, often resulting from a demonstrated record of reliability and integrity.

Reciprocity

Reciprocity is a social norm that involves mutual exchange, where actions or benefits provided by one party are returned by another.

ACE Model

A conceptual framework focusing on Awareness, Commitment, and Execution, used in various contexts to improve performance and outcomes.