If a Minor Entered into a Contract, and Then Ratified

question 2

Multiple Choice

If a minor entered into a contract, and then ratified the contract after reaching the age of majority, which of the following is he or she exempt from?

• A) duty of restoration
• B) duty of restitution
• C) necessaries of life
• D) infancy doctrine

---

Definitions:

Creditors

Individuals or institutions that lend money or extend credit to others.

Liabilities

Liabilities are financial obligations or debts that a company owes to external parties, which must be settled over time through the transfer of economic benefits including money, goods, or services.

External Transaction

A financial event involving an exchange between the business and another entity outside of the company.

Accounting Equation

The foundation of double-entry bookkeeping, represented as Assets = Liabilities + Equity.