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In May, Joey, a 17-year-old, enters into a contract to factory order a car. He gives the dealer a $2,000 deposit. The car will be delivered in September. Joey reached the age of majority in July. He took no action. Is he bound by the contract and required to take delivery of the car in September?
FOB Destination
A shipping term indicating that the seller is responsible for the goods and the shipping cost until the goods reach the buyer's specified location.
Inventory
The goods and materials that a business holds for the ultimate goal of resale or production.
Periodic Inventory System
An inventory accounting system where updates to inventory levels are made periodically, typically at the end of an accounting period.
Backpacks
Portable bags carried on one's back, designed to hold items such as books, supplies, or other personal belongings.
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