When Peter Is 16, He Enters into an Agency Agreement

question 27

Multiple Choice

When Peter is 16, he enters into an agency agreement whereby he rents commercial property in exchange for a commission valued at 2% of the lease. When he turned 18 (the age of majority) he took no action. Does the contract continue?

• A) Yes, it remains binding unless repudiated within a reasonable time of attaining the age of majority.
• B) Yes, it remains binding unless ratified within a reasonable time of attaining the age of majority.
• C) No, it is not binding unless repudiated within a reasonable time of attaining the age of majority.
• D) No, it is not binding unless ratified within a reasonable time of attaining the age of majority.
• E) No, it is not binding. It is automatically repudiated upon a minor attaining the age of majority

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Definitions:

Mitochondrion

An organelle found in large numbers in most cells, in which the biochemical processes of respiration and energy production occur.

Endoplasmic Reticulum

A network of membranes within the cytoplasm of eukaryotic cells involved in protein and lipid synthesis, and calcium storage.

Myelin

Myelin is a fatty substance that forms a sheath around the axons of neurons, facilitating faster transmission of electrical impulses along the nerve cells.

Axon

A lengthy, slim part of a nerve cell, known as a neuron, that typically moves electrical impulses from the neuron's core body.