In May, Joey, a 17-Year-Old From, Charlottetown, P

question 10

Multiple Choice

In May, Joey, a 17-year-old from, Charlottetown, P.E.I., 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. In August he called the dealer to see if the car was still scheduled for delivery in September and assured him that he would be ready to take delivery at the Charlottetown, P.E. I. dealership. Is he bound by the contract and required to take delivery of the car in September?

• 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 unless ratified, in writing, within a reasonable time of attaining the age of majority.

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Definitions:

Investor

A person or organization that invests money anticipating to gain financial profits.

Base Metal Mining

The extraction of non-precious metals such as copper, zinc, nickel, and lead from the earth.

Decline

A decrease in the importance, quantity, or intensity of something.

Economically Equivalent

Economically equivalent means having the same financial value or cost, despite possibly differing in form or method.