Games Galore Corporation hires Haley, a minor, to create new customized game software for certain clients. Haley signs a contract that requires her to work for Games Galore for eighteen months. Before beginning work, however, Haley tells Games Galore
that she will not create new softwarefor Games Galore and that she is going to work for Ideal Worldcraft, Inc, a Games Galore competitor. Is Games Galore'scontract with Haley en¬forceable? Why or why not?
The contract is not enforceable. Haley is a minor,so any con¬tract that she enters is voidable by her.In other words, Haley had the option to disaffirm the contract.
A contract entered into by a minor can be disaffirmed at any time during minority, or for a reasonable time after the minor comes of age. Haley's announcement that she would not be bound by the contract was sufficient to disaffirm it.
Haley had not re¬ceived any¬thing under the contract with Games Galore, so there is nothing to return under a duty of res¬titution. Also, there is no significance to Haley's agreeing to work for Ideal Worldcraft, Games Galore's competitor.
You might also like to view...
Competitive superiority and channel support are factors that influence the ________ of the brand value chain
A) program multiplier B) customer multiplier C) brand multiplier D) profit multiplier E) market multiplier
Answer the following statements true (T) or false (F)
1) The current portion of notes payable is the principal amount that will be paid within two years of the balance sheet date, and the remaining portion is long term. 2) The current portion of notes payable is reported on the balance sheet under current liabilities. 3) The issuance of a note is recorded, on the books of the borrower, by crediting Cash and debiting Notes Receivable. 4) When preparing an amortization schedule, the interest expense increases each year because the principal decreases with each installment payment. 5) On March 1, 2018, Vintage Services issued an 8% long-term notes payable for $22,000. It is payable over a 16-year term in $1,375 principal installments on March 1 of each year, beginning March 1, 2019. Each yearly installment will include both principal repayment of $1,375 and interest payment for the preceding one-year period. The journal entry to pay the first installment will include a debit to Interest Expense for $1,760.
In periods of rising inventory prices, the LIFO method will result in a higher inventory valuation than will the average-cost method
Indicate whether the statement is true or false
Tables are information displays organized by _______________
a. chronological order b. degree of importance c. topic d. rows and columns