Which of the Following Is True of Minors' Ability to Disaffirm

question 19

Multiple Choice

Which of the following is true of minors' ability to disaffirm?

• A) Minors may disaffirm their contract for a reasonable time before attaining majority.
• B) Minors may disaffirm their contracts at any time during their minority.
• C) Minors may disaffirm by doing anything that clearly indicates to the other party an intent to be bound by the terms of the contract.
• D) Minors may disaffirm before reaching majority if their contracts involve title to real estate.

Differentiate between initial and subsequent issuance of stock regarding recording related expenses.

Understand how costs associated with issuing stock affect financial statements.

Analyze the distribution of proceeds from the issuance of stock packages.

Know the accounting entries for stock subscriptions and their down payments.