Don Rented a Small Store from a Landlord to Carry

question 18

Essay

Don rented a small store from a landlord to carry on a business. Don stated that he was of legal age, 18, to carry out the deal when, in fact, he was only 17 years old. After a short period of time Don realized that his business plans were not working out and it would be in his best interest to return to school. By this time, the landlord was wondering why he had not received a cheque for Don's rent. When he confronted Don about this, Don informed him of his plans. The landlord told Don he would have to pay for the time he occupied the premises. Don said that he would not pay, and the landlord could not force him to pay because he was not of legal age and was insolvent. Discuss this situation using your knowledge of the law governing age of majority.

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Definitions:

Net Exports

The value of a country's total exports minus its total imports, representing the net trade of goods and services with foreign countries over a specific time period.

Net Capital Outflow

The difference between the domestic country's total purchase of foreign assets and foreign purchases of the domestic country's assets over a specific period of time.

Currency Depreciate

A decline in the value of one currency relative to another currency, which can affect international trade and economic balance.

Purchasing-Power Parity

A theory in economics that suggests that in the absence of transportation and other transaction costs, identical goods will have the same price in different markets when prices are expressed in a common currency.