If a minor contracts for necessaries, the minor's liability is quasi-contractual in nature. This means that:
A) the minor is not required to pay the contract price
B) the firm does not need to pay the minor because the contract is voidable.
C) the minor must pay the contract price to prevent the firm from being unjustly enriched.
D) the minor's parent or spouse needs to pay the reasonable value of what was received.
A
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If a company uses the allowance method to account for bad debts, when will the company's owners' equity decrease?
a. At the date a customer's account is written off b. At the end of the accounting period when an adjusting entry for bad debts is recorded c. At the date a customer's account is determined to be uncollectible d. When the accounts receivable amount becomes past due
Deducting the desired profit margin from the price at which a product will sell, given its appeal and competitors' prices, is known as ________
A) overhead costing B) target costing C) activity based costing D) benefit analysis E) estimate costing
Marz Services Inc. is a personal service corporation with $60 million average annual gross receipts. Marz must use the accrual method of accounting for tax purposes.
Answer the following statement true (T) or false (F)
Businesses must implement controls to help guide the behavior of their employees toward business objectives
Indicate whether the statement is true or false