What are the ways in which a minor may disaffirm a contract? What is the effect of a minor's misrepresenting age in order to enter into a contract? Explain
A minor's contract is voidable at his option; he thus has the power to avoid liability. He may exercise his power to disaffirm a contract through words or conduct showing an intention not to abide by it. No particular words are needed as long as the intent not to be bound is shown. By the prevailing view in this country, the minor may disaffirm a contract entered by the minor's misrepresenting his age. Some states, however, prohibit disaffirmance if a minor misrepresents her age and the adult, in good faith, reasonably relied on the misrepresentation. Other states, not following the majority rule, either (a) require the minor to restore the other party to the position she occupied before making the contract, or (b) allow the defrauded party to recover damages against the minor in tort.
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Information on Westcott Corporation's direct labor costs for a recent month follows: Standard direct labor rate$3.75per hourActual direct labor rate$3.50per hourTotal standard direct labor-hoursallowed for the actual production 10,000hoursLabor efficiency variance$4,200UnfavorableWhat were the actual hours worked during the month, rounded to the nearest hour?
A. 11,200 B. 10,714 C. 11,120 D. 11,914
The teenagers in the neighborhood had stockpiles of fireworks. Unfortunately, not everyone cares for ________ safety
A) their B) his or her C) his D) there
Business ethics
A. is laws and regulations that govern business. B. is the application of moral standards to business situations. C. do not vary from one person to another. D. is most important for advertising agencies. E. is well-defined rules for appropriate business behavior.
Inventory items received should be compared against:
A. Sales order B. Supplies inventory C. Purchase order D. Sales receipt