Which of the Following Is True of the Ratification of a Contract

question 16

Multiple Choice

Which of the following is true of the ratification of a contract by a minor?

• A) A minor can only ratify a contract after reaching the age of majority.
• B) A minor cannot ratify a contract that falls under the necessaries of life doctrine.
• C) A minor can ratify a contract during the period of minority if he or she so wishes.
• D) A minor can ratify a contract under the guidance of a parent or legal guardian.

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Definitions:

Long Run

In economics, a period during which all inputs, including capital, are variable and firms can enter or exit the industry, allowing full production adjustment.

Average Total Cost

The per unit cost of production, calculated by dividing the total cost by the quantity of output produced.

Government-created Monopolies

Monopolies that are established or maintained by the government, often by granting exclusive rights or privileges to a single entity or organization.

Welfare Loss

A decrease in the overall economic well-being of a society, often resulting from inefficient resource allocation or market failures.