What are the ways in which a minor may ratify a contract? What are the ways in which a minor may disaffirm a contract? What is the effect of a minor misrepresenting age in order to enter into a contract?
Ratification may be express, implied from conduct, or may be through the failure to make a timely disaffirmance. Ratification makes the contract binding from the beginning. Ratification, once effected, is final and cannot be withdrawn. The minor can ratify the contract only as a whole, both as to burdens and benefits. 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. By the prevailing view in this country, the minor who misrepresented his age may disaffirm the contract. 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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On a work sheet, the Debit column of the Income Statement totals $550,356 and the Credit column totals $734,225 . This represents
a. unbalanced totals indicating that an error exists. b. a net loss to the business. c. other expenses. d. a net income for the business.
Which heuristics lead us to base decisions on the first piece of information given without taking other probabilities into account?
A. availability B. confirmation C. representativeness D. anchoring and adjustment
What is the Bajorshiks' adjusted gross income?
Katarina and Richard are a busy young couple with a son, Caleb, who is 6 and twin daughters, Stacy and Casey, who are actively exploring the world as four-year-olds. Before the twins were born, Katarina and Richard bought their first home with plenty of indoor and outdoor space for a growing young family. The Bajorshiks are concerned about their 2014 tax issues, but they are also committed to planning for the future of their family. Next year Richard should be able to pay off the remaining balance of his law school student loans. Contributing to Richard's Roth IRA is an annual priority. The following information reflects tax year 2014. Gross income $98,712 Student loan interest $1,965 Richard's traditional IRA $1,500 Total itemized deductions $12,000 Standard deduction for 2014 $12,400 Personal exemption amount $3,950 Marginal tax bracket 25% A) $98,712 B) $97,212 C) $96,747 D) $95,247 E) $83,462
A university has 5,000 students. The manager of food services at the university is interested in determining the total lunch expenditure. A simple random sample of 121 lunch receipts was selected. The sample showed an average of $3 with a standard deviation of $0.40. a.Estimate the standard error of the sample mean.b.Develop an approximate 95% confidence interval for the population mean.c.Estimate the population's total expenditure for lunch.d.Develop an approximate 95% confidence interval for the total expenditure for lunch.
What will be an ideal response?