In Most States,where a Minor Wants to Disaffirm a Contract

question 81

Multiple Choice

In most states,where a minor wants to disaffirm a contract and the minor has caused damage to the consideration received by gross negligence,the minor:

• A)Can disaffirm,and owes a duty of restitution to the competent party.
• B)Can disaffirm,and owes a duty of restoration to the competent party.
• C)Cannot disaffirm.
• D)Must pay the reasonable value at the time the contract was entered into.

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Definitions:

Monopolistically Competitive Firm

A Monopolistically Competitive Firm operates in a market structure characterized by many firms offering products that are similar but not identical, allowing for some degree of market power in setting prices.

Homogeneous

A description of products or services that are identical in quality and cannot be distinguished from one another by consumers.

Monopolistically Competitive

Describing a market structure where many companies sell products that are similar but not identical, leading to competitive prices and product differentiation.

Demand Schedule

A chart that displays the quantity of a good or service demanded at various prices.