If a Minor Ratifies a Contract While Still Being a Minor

question 82

Multiple Choice

If a minor ratifies a contract while still being a minor, ________.

• A) the contract can still be disaffirmed by the minor
• B) the minor is bound by the terms of the contract
• C) the minor is exempt from the duty of restitution
• D) the minor has to hold the adult in status quo in case of disaffirmance

---

Definitions:

Adjusted Balances

Pertains to financial statements or account balances that have been modified to reflect corrections, adjustments, or reconciliations.

Accounts

Represents records in accounting that track financial transactions of various types, such as assets, liabilities, equity, expenses, and revenue.

Accumulated Depreciation

The entire value of the depreciation expense assigned to a tangible asset since its initial use.

Balance Sheet

A financial record that itemizes a company's assets, liabilities, and the equity of its shareholders at a certain moment in time.