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In a Contract Between a Minor and an Adult, the Minor

question 32

Essay

In a contract between a minor and an adult, the minor has the privilege of disaffirmance. Are there circumstances under which the minor may not cancel the contract?


Definitions:

Deposits

Funds placed into an account at a financial institution for safekeeping or as a pledge for future repayment.

Compounded Semiannually

The process of calculating interest on both the initial principal and the accumulated interest of previous periods on a semiannual basis.

Single Investment

Single investment refers to an investment in only one asset or security, rather than diversifying across multiple investments.

Annual Interest Rate

The Annual Interest Rate is the percentage of interest that is charged or earned on an investment, loan, or savings account over the span of a year.

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